Jun 30, 2014
We have audited the accompanying consolidated financial statements of
CES Limited (Formerly Known as Serve All Enterprise Solutions Limited)
("the Company") and its subsidiaries group, which comprise the
Consolidated Balance Sheet as at 30th June 2014, and the Consolidated
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 Consolidated Financial Statements:
Management is responsible for the preparation of these consolidated
financial statements that give a true and fair view of the consolidated
financial position and consolidated financial performance of the
Company in accordance with accounting Standards notified under the
Companies Act, 1956 ("the Act") read with the General Circular 15/2013
dated 13th September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the consolidated
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 consolidated
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 consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the consolidated
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 presentation of the
consolidated financial statements that give a true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on 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 consolidated financial
statements.
We have not audited the financial statements of CES USA Inc., whose
total revenue amounting to Rs. 73,89,62,266 and total assets amounting
to Rs. 25,69,44,288 was considered for the purpose of financial
statements. These financial statements have been audited by other
auditors whose reports have been furnished to us for the purpose of
consolidation and our opinion in so far as it relates to the amounts
included in respect of the subsidiary are based solely on reports of
the other auditors.
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 consolidated financial statements give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the consolidated Balance Sheet, of the state of
affairs of the Group as at June 30th, 2014; and
(b) In the case of the consolidated Statement of Profit and Loss
Account, of the profit for the year ended on that date;
ANNEXURE TO THE AUDITOR''S REPORT:
THE ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF
CES LIMITED (FORMERLY KNOWN AS SERVE ALL ENTERPRISE SOLUTIONS LIMITED)
ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 30th JUNE 2014
I. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management reasonable intervals and no discrepancies between the
book records and the physical inventory have been noticed on such
verification.
c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company does not have any inventory. Accordingly, the
provisions of clause 4(ii) of the Order are not applicable.
III. a) The Company has granted unsecured loans to Companies covered in
the register maintained under section 301 of the Companies Act, 1956
and the balance outstanding as at the year end is Rs. 4,06,30,200/-.
b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted to companies, Firms and other parties
listed in the register maintained u/s.301 of the Companies Act,1956 are
not, prejudicial to the interest of the company.
c) According to the information and explanation given to us, no
repayment schedule has been specified and accordingly the clause of
regularity in repaying the principal amount does not arise.
d) Since there is no repayment schedule, the clause of taking
reasonable steps by the company for recovery of overdue amount more
than rupees of one lakh does not arise.
e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under section
301 is prejudicial to the interest of company, is not applicable.
g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanation
given to us, there are generally adequate internal controls
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and for sale of goods
and services. There is no continuing failure by the Company to correct
any major weaknesses in internal control.
V. (a) According to the information and explanations given to us, we
are of the opinion that the transactions 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, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable, having regard to prevailing market prices at the
relevant time.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A, 58AA or any other relevant
provisions of the Companies Act,1956 and the rules framed there under
does not arise. As per information and explanations given to us the
order from the Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal has not been
received by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of Sub Section
(1) of Section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess, and any other statutory dues with the
appropriate authorities and at the end of last financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and not in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provision of special statute applicable to Chit Fund
in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
Company is not dealing or trading in shares securities, Debentures and
other investments and hence the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions, and hence the applicability of this clause
regarding terms and conditions which are prejudicial to the interest of
the Company does not arise.
XVI. According to the information and explanations given to us, since
the company has not taken any term loans, the applicability of the
clause whether term loans were applied for the purpose for which they
are obtained does not arise.
XVII. According to the information and explanations given to us, no
funds are raised by the company on short term basis. Hence the clause
of short term funds being applied for long term investments does not
arise.
XVIII. According to the information and explanation given to us, the
Company has not made preferential allotment to parties covered in the
Register maintained Under Section 301 of the Companies Act, 1956, hence
the applicability of the clause regarding the price at which shares
have been issued and whether the same is prejudicial to the interest of
the Company does not arise.
XIX. According to the information and explanations given to us, the
Company has not issued debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the Company
has not raised any money by way of public issues during the year; hence
the clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
Firm''s Registration Number: 007257S
Sd/-
P. Murali Mohana Rao
Partner
Membership Number: 023412
Place: Hyderabad
Date: 30th August, 2014
Jun 30, 2013
We have audited the accompanying financial statements of CES Limited
(Formerly Known as Serve All Enterprise Solutions Limited) ("the
Company"), which comprise the Balance Sheet as at June 30, 2013 and the
Statement of Profit & Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at June 30, 2013.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss and Cash flow
Statement dealt with by this Report is in agreement with the books of
account
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash flow statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on June 30, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on June 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT:
I. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management reasonable intervals and no discrepancies between the
book records and the physical inventory have been noticed on such
verification.
c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company does not have any inventory. Accordingly, the
provisions of clause 4(ii) of the Order are not applicable.
III. a) The Company has granted unsecured advances to Companies covered
in the register maintained under section 301 of the Companies Act, 1956
and the balance outstanding as at the year end is Rs.2,46,90,019/-.
b) In our opinion, the terms and conditions on which advances have been
granted to companies, Firms and other parties listed in the register
maintained u/s.301 of the Companies Act, 1956 are not, prejudicial to
the interest of the company.
c) According to the information and explanation given to us, no
repayment schedule has been specified and accordingly the clause of
regularity in repaying the principal amount does not arise.
d) Since there is no repayment schedule, the clause of taking
reasonable steps by the company for recovery of overdue amount more
than rupees of one lakh does not arise
e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under section
301 is prejudicial to the interest of company, is not applicable. g)
As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanation
given to us, there are generally adequate internal controls
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and for sale of goods
and services. There is no continuing failure by the Company to correct
any major weaknesses in internal control.
V. (a) According to the information and explanations given to us, we
are of the opinion that the transactions 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, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable, having regard to prevailing market prices at the
relevant time.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Companies Act,1956 and the rules framed
there under does not arise. As per information and explanations given
to us the order from the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal
has not been received by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of Sub Section
(1) of Section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess, and any other statutory dues with the
appropriate authorities and at the end of last financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and not in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loan from the financial institution or bank and hence
default in repayment of dues to financial Institutions or banks does
not arise.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provision of special statute applicable to Chit Fund
in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
Company is not dealing or trading in shares securities, Debentures and
other investments and hence the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions, and hence the applicability of this clause
regarding terms and conditions which are prejudicial to the interest of
the Company does not arise.
XVI. According to the information and explanations given to us, since
the company has not taken any term loans, the applicability of the
clause whether term loans were applied for the purpose for which they
are obtained does not arise.
XVII. According to the information and explanations given to us, no
funds are raised by the company on short term basis. Hence the clause
of short term funds being applied for long term investments does not
arise.
XVIII. According to the information and explanation given to us, the
Company has not made preferential allotment to parties covered in the
Register maintained Under Section 301 of the Companies Act, 1956, hence
the applicability of the clause regarding the price at which shares
have been issued and whether the same is prejudicial to the interest of
the Company does not arise.
XIX. According to the information and explanations given to us, the
Company has not issued debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the Company
has not raised any money by way of public issues during the year; hence
the clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.Murali & Co.,
Chartered Accountants
Firm Registration No.:007257S
Place : Hyderabad P. Murali Mohana Rao
Date : 02.12.2013 Partner
Membership No : 023412
Jun 30, 2012
We have audited the attached Balance Sheet of SERVE ALL ENTERPRISE
SOLUTIONS LIMITED as at 30th June, 2012 and also the Profit & Loss
Account for the period ended on the date annexed thereto and the cash
flow statement for the period ended on that date. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditors'' Report) Order 2003 and as
amended by the Companies (Auditors'' Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) 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;
(ii) 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 ;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 30th June, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
30th June, 2012 from being appointed Director in terms of clause(g) of
sub-section(1) of section 274 of the Companies Act,1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2012
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
And
(c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date;
Annexure to the auditors'' report
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company has no Inventory. Hence this clause is not applicable.
III. (a) The Company has not granted any loans to Companies, firms or
other parties covered in the register maintained U/s.301 of the
Companies Act, 1956.
(b) As the company has not granted any loans, the clause of whether the
rate of interest and other terms and conditions on which loan have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principle amount from the parties is not applicable to the
company.
(d) No loans have been granted to companies, firms or other parties
listed in the register U/s. 301 of the companies Act, 1956, hence
overdue amount of more than rupees one lakhs does not arise and the
clause is not applicable .
(e) As the company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loan have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets and for sale of goods
and services. There is no continuing failure by the company to correct
any major weaknesses in internal control.
V. According to the information and explanations given to us, the
contracts or arrangements referred to in section 301 of the Companies
Act, 1956 made by the company in respect of the companies covered in
the register U/s 301 of the Companies Act,1956 are done at a reasonable
price having regard to the prevailing market prices at the relevant
time .
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, Income Tax, and any other statutory dues with the appropriate
authorities and at the last of the financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, and
any other statutory dues as at the end of the period, for a period more
than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and not in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from banks or financial institutions. Hence
this clause of repayment of dues to the financial institutions or banks
or debenture holders and defaulted payment therein is not applicable to
the company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
company has not obtained any term loan, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not
arise.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year; hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
PLACE : HYDERABAD P.MURALI MOHANA RAO
DATE : 06.03.2013 PARTNER
Membership No. 023412
Jun 30, 2011
We have audited the attached Balance Sheet of Serve All Enterprise
Solutions Limited ("The Company") as at 30th June, 2011 and also the
Profit & Loss Account for the year ended on the date annexed thereto
and the cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditors Report) Order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) 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;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 30th June,2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
30th June,2011 from being appointed Director in terms of clause(g) of
sub-section(l) of section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a)in the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2011
(b)in the case of the Profit & Loss Account, of the Profit for the year
ended on that date; And
(c) In the case of the Cash Flow, of the cash flows for the year ended
on that date ;
ANNEXURE TO THE AUDITORS' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company has no Inventory. Hence this clause is not applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, firms or other parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of Company, is not applicable.
(c) As no loans are granted by Company, the clause of receipt of
interest & principal amount from parties is not applicable to the
Company.
(d) No loans have been granted to Companies, firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken loans, unsecured from Companies, and
other parties covered in the register maintained U/s.301 of the
Companies Act, 1956.
(f) During the year the Company has not repaid the loans taken from the
parties listed in the register maintained under section 301 and the
terms and conditions of the same are not prejudicial to the interest of
Company.
(g) The repayment of interest & principal amount to parties is regular.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and for sale of goods
and services. There is no continuing failure by the Company to correct
any major weaknesses in internal control.
V. According to the information and explanations given to us, the
contracts or arrangements made by the Company are done at a reasonable
price having regard to the prevailing market prices at the relevant
time.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the Company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(l) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, Income Tax, and other statutory dues with the appropriate
authorities and at the last of the financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, Income Tax,
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the Company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from banks or financial institutions. Hence
this clause of repayment of dues to the financial institutions or banks
or debenture holders and defaulted payment therein is not applicable to
the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the Company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any term loan, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence short term
funds were not utilized for long-term investment.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
Company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the Company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
Forn P.Murali& Co.,
Chartered Accountants
F R N:007257S
Place: Hyderabad P. Murali Mohana Rao
Date: 07/03/2012 Partner
Membership No: 023412
Jun 30, 2009
We have audited the attached Balance Sheet of SERVE ALL ENTERPRISE
SOLUTIONS LIMITED as at 30th June, 2009 and also the Profit & Loss
Account for the year ended on the date annexed thereto and the cash
flow statement for the year ended on that date. These financial
statements are the responsibility of the Companys Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditors Report) Order 2003 and as
amended by the Companies (Auditors Report) (Amendment) Order 2004,
issued by the Central Government of India in terms of the sub-section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) 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;
(ii) 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 ;
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 30th june,2009 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
30th June, 2009 from being appointed Director in terms of clause(g) of
sub- section^) of section 274 of the Companies Act,1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 30th June, 2009
(b)In the case of the Profit & Loss Account, of the Profit for the year
ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the year ended
on that date;
ANNEXURE TO THE AUDITORS REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b)As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. The Company has no Inventory. Hence this clause is not applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of Company, is not applicable.
(c) As no loans are granted by Company, the clause of receipt of
interest & principal amount from parties is not applicable to the
Company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lakh does not arise and the
clause is not applicable.
(e) The Company has not taken unsecured loans from Companies, and other
parties covered in the register maintained U/s.301 of the Companies
Act, 1956.
(f) During the year the Company has not repaid the loans taken from to
the parties listed in the register maintained under section 301 and the
terms and conditions of the same are not prejudicial to the interest of
Company.
(g) As there are no repayment of interest and principal amounts, the
clause of repayment of interest and principal amount to parties is not
applicable to the Company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and for sale of goods
and services. There is no continuing failure by the Company to correct
any major weaknesses in internal control.
V. According to the information and explanations given to us, the
contracts or arrangements made by the Company are done at a reasonable
price having regard to the prevailing market prices at the relevant
time.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us no order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has been received by
the Company.
VII. In our opinion, the Company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, Income Tax, and any other statutory dues with the appropriate
authorities and at the last of the financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, Income Tax, and any
other statutory dues as at the end of the period, for a period more
than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the Company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from banks or financial institutions. Hence
this clause of repayment of dues to the financial institutions or banks
or debenture holders and defaulted payment therein is not applicable to
the Company.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditors Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the Company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any term loan, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence short term
funds were not utilized for long-term investment.
XVIII. According to the information and explanations given to us, 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 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
Company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the Company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
PLACE: HYDERABAD MUKUND VIJAY JOSHI
DATE : 03-12-2009 PARTNER