Mar 31, 2015
We have audited the accompanying financial statements of Comfort Fincap
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
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 Principles generally accepted in India including
Accounting Standards referred to in Section 133 of the Companies Act,
2013 read with Rule 7 of the Company (Accounts) Rules, 2014. 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 specified under section 143(10) of the
Act. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatements.
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 judgement, 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015; and
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw your attention to :
There was a violation of RBI Guidelines on exposure norms in the case
of Shri. Pawan Kumar Sawarmal where the exposure was Rs.5,05,86,757/-
as on 31st Mach 2015. The owned fund of the company as on 31st March
2014 stood at Rs.22.04 crore. Therefore the single and group exposure
limits of 15% and 25% worked out to Rs.3.31 crore and Rs.5.51 crore.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
Sub-Section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(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, 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, the Statement of Profit and Loss
comply with the Accounting Standards Section 133 of the Companies Act,
2013, With Rule 7 of Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause of Section 164(2) of the
Companies Act, 2013;
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditor's) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial
position of the company.
ii. the company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditor's Report
The annexure referred to in our report to the member of Comfort Fincap
Limited for the year ended 31st March 2015, we report that :
1. In respect of its Fixed Assets :
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its inventories:
(a) the stock in trade of shares and securities held in the physical
format has been physically verified and those held in dematerialized
format have been verified from the relevant statements received from
the depositories during the year, by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares and
securities followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stock
of shares and securities by the management as compared to book records.
3. According to information and explanation given to us, the company
has not granted, secured or unsecured loan to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act, and hence sub-clause (a) and , (b) of clause (iii) of
the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories, fixed assets and with regard
to the sale of goods and services. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The company has not accepted any deposits from the public.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Act.
7. (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular though there are slight
delays in depositing the undisputed statutory dues including provident
fund, investor education & protection fund , employees' state insurance,
Income Tax , wealth tax, custom duty, duty of excise, Value added tax,
cess and any other statutory dues as applicable with the appropriate
authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Income Tax,
Sales Tax, Wealth Tax, Service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March,
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no dues payable in respect of income tax, wealth tax, service tax
and cess which have not been deposited with the appropriate authorities
on account of any dispute.
(c) As explain to us, the company does not any dues on account of
investor education and protection fund
8. As The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to any bank.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. The company has not raised any term loans.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bansal Bansal & Co.
Chartered Accountants
FRN: 100986W
Sd/-
Jatin Bansal
Place : Mumbai Partner
Date : 30th May, 2015 Membership No.:135399
Mar 31, 2014
We have audited the accompanying financial statements of Comfort Fincap
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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 misstatements.
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 judgement, 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.
Basis for Qualified Opinion
Amount outstanding as on 31/03/2014 with M/s Pawankumar Sanwarmal
Rs.5,01,28,424/- is classified by the company as standard Asset. Out of
this amount interest cheque of Rs.34,00,000/- appears in reconciliation
as on date. This is in contradiction to Income Recognition and Asset
Classification Norms prescribed by RBI in respect of NBFCs hence this
amount of Rs.34,00,000/- should be reversed and the asset should be
classified under sub-standard asset.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion Paragraph, the aforesaid
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of 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 Section
227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause of Section 274(1)(g) of the
Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to Independent Auditor''s Report
Referred to in paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" 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 its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its inventories:
(a) the stock in trade of shares and securities held in the physical
format has been physically verified and those held in dematerialized
format have been verified from the relevant statements received from
the depositories during the year, by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares and
securities followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stock
of shares and securities by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of
account, the Company has not granted any interest free unsecured loan
to party covered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken any loans from companies, firms or other parties listed in
the register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories (share and securities) &
fixed assets and payment for expenses & for sale of Shares and
securities. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the
management, the particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5, 00,000 in
respect of any party during the year
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Income-tax, Service Tax, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, service
tax, which have not been deposited on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a bank.
12. According to the information and explanations given to us, the
Company has maintained adequate documents and records in respect of
loans and advances granted on the basis of security by way of pledge of
shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit fund /
society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. The company has not obtained any term loan during the year.
Accordingly this clause is not applicable to the company.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bansal Bansal and Co.
Chartered Accountants
FRN: 100986W
Sd/-
Manoj Agrawal
Partner
Membership No. :107624
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Comfort Fincap
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the ActÂ). 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 misstatements.
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 judgement, 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 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
OrderÂ) issued by the Central Government of India in terms of Section
227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause of Section 274(1)(g) of the
Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
Referred to in paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements 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 its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its inventories:
(a) the stock in trade of shares and securities held in the physical
format has been physically verified and those held in dematerialized
format have been verified from the relevant statements received from
the depositories during the year, by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares and
securities followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stock
of shares and securities by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted interest free unsecured loan to one party covered in the
register maintained under Section 301 of the Companies Act, 1956. The
Maximum amount involved during the year and the year end balance of
such loan aggregate to Rs. 1750000/- and NIL respectively.
(b) Except for the fact that this loan is interest free , in our
opinion and according to the information and explanations given to us,
the other terms and conditions of loan given are not prima facie
prejudicial to the interest of the Company.
(c) The Company has received repayment of the said loan during the
year.
(d) In respect of the aforesaid loan there is no overdue amount.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken any loans from companies, firms or other parties listed in
the register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories (share and securities) &
fixed assets and payment for expenses & for sale of Shares and
securities. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5, 00,000 in
respect of any party during the year
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Income-tax, Service Tax, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues
except for payment of profession tax of Rs. 23875/- as on 31st of March,
2013 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, service
tax, which have not been deposited on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a bank.
12. According to the information and explanations given to us, the
Company has maintained adequate documents and records in respect of
loans and advances granted on the basis of security by way of pledge of
shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit fund /
society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. The company has not obtained any term loan during the year.
Accordingly this clause is not applicable to the company.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bansal Bansal and Co.
Chartered Accountants
FRN: 100986W
Sd/-
Manoj Agrawal
Place : Mumbai Partner
Date : 30th May, 2013 Membership No. :107624
Mar 31, 2012
We have audited the attached Balance Sheet of COMFORT FINCAP LIMITED as
at 31st March 2012 and also the Profit and Loss Account for the year
ended on that date annexed thereto. These financial Statements are the
responsibility of the company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards required 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 test basis, evidence supporting the amount and
disclosures in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors'' Report) Order, 2003 issued by
the Central Government in terms of 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 in paragraph (2)
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account, as required by the Law,
have been kept by the company, so far as appears from our examination
of those books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the mandatory Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956. Except AS-15, Accounting for retirement benefits in the financial
statements of Employers.
e) On the basis of written representations received from all the
Directors and taken on record by the board of directors, we report that
none of the directors is disqualified as on 31st March, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies and manner so required and give a true
and fair view, in conformity with the accounting principles generally
accepted in India;
i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012 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 the cash flow statement, of the cash flows the year
ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in Paragraph (1) of our Report of even date to the Members
of COMFORT FINCAP LIMITED as on 31st March 2012)
1. In respect of Fixed Assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year 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. No substantial part of the fixed assets has been disposed off
during the year, which has bearing on the going concern assumption.
2. In respect of Inventories:
a. The Stock in trade of shares and securities held in the physical
format has been physically verified and those held in the
dematerialized format have been verified from the relevant statements
received from the depositories during the year, by the management.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of stock of shares
and securities followed by the management is reasonable and adequate in
relation to the size of the company and the nature of its business.
c. In our opinion, the company is maintaining proper records of
inventories and no material discrepancies were noticed on physical
verification of stock of shares and securities as compared to the book
records.
3. a) The company has not granted any loans to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The company has not taken interest any loan from parties covered in
the register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business with regards to
purchase of inventory (shares and securities) and fixed assets and for
the sale of shares and securities. During the course of our audit, we
have not observed any major weakness in internal controls.
5. In respect of contracts or arrangements and transactions covered
under section 301 of the Companies Act, 1956:
a. According to the information and explanations given to us,
particulars of contracts or arrangements that needed to be entered into
the register have been so entered.
b. In our opinion and according to the information and explanations
given to us, these contracts or arrangement have been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time, wherever no similar transactions were taken place
during the year with other parties, we are unable to comment whether
the same is on prevailing market prices or not.
6. In our opinion and according to the information given to us, the
company has not accepted any deposits from the public within the
meaning of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956.
7. The company have internal audit system which commensurate with its
size and nature of its business.
8. The Company has not been prescribed to maintain of Cost Records
under section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues:
a. The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
wealth tax, custom duty, cess, service tax and other material statutory
dues applicable to it. No undisputed amounts payable were in arrears,
as 31st March, 2012 for a period of more than six months from the date
they became payable.
b. According to the information and explanations given to us and
records of the company examined by us there are no disputed amounts in
respect of various statutes which have not been deposited.
10. The company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and immediately preceding financial year.
11. The company availed of overdraft facility against the lien of its
own fixed deposits with banks. During the year under reference the
company has not defaulted in repayment of its dues in this regards.
12. In our opinion and according to the information and explanations
given to us, 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, nidhi, mutual
benefit fund or a society.
14. The company has maintained proper records of the transactions and
contracts of its trading or dealing in shares, securities, debentures
and other investments and timely entries have been made therein. All
the shares, securities, debentures and other investments have been held
by the company in its own name except to the extent of exemption
granted under section 49 of the Companies Act, 1956 and a few shares
held in broker''s account as confirmed by them.
15. On the basis of 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. The company has not obtained any term loan during the year.
Accordingly clause 16 is not applicable to the company.
17. On the basis of an overall examination of the Balance Sheet and
Cash Flow Statement of the company, no funds raised on short term basis
have been used for long term investment.
18. The Company has made preferential allotment of shares to parties
or Companies covered in the register maintained under Section 301 of
the Companies Act, 1956. However such allotment were made as per
pricing guidelines issued by SEBI and as such were not prejudicial to
the interest of the Company.
19. During the year covered by our audit report, the company has not
issued any secured debentures.
20. The Company has not raised any money from public issues during the
year.
21. As per the information and explanations given to us, no fraud on
or by the company has been noticed or reported during the year.
For BANSAL BANSAL & CO.
Chartered Accountants
Sd/-
Anand Drolia
Partner
M.No.036718
Firm Registration No.100986W
Place: Mumbai
Dated: 30th May, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of COMFORT FINCAP
LIMITED as at March 31, 2011 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the Company''s management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4 Further 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 purpose of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as if appears from our examination of
such books;
(iii) The Balance Sheet and the Profit & loss Account referred to in
this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956;
(v) On the basis of written representation received from the directors,
as on March 31, 2010, and taken on record by the Board of Directors, we
report that non of the directors is disqualified as on March 31, 2011,
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said statements of account give the
information required by the Companies Act, 1956 in the manner so and
give a true and fair view in conformity with the accounting principles
generally accepted in India
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
(ii) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
Annexure to the Auditors'' Report Comfort Fincap Limited
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management during
the year, which in our opinion is reasonable having regard to the size
of the Company and the nature of its fixed assets.
(c) There was no substantial disposal of fixed assets during the year,
which would affect the going concern of the Company
2. (a) The Company holds quoted equity shares in dematerialized form
and unquoted equity if any in physical form.
(b) The procedure of physical verification of Inventory followed by the
management during the year are reasonable having regard to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. No
discrepancies were noticed on verification in between physical stocks
and the book records.
3. As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/from Companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956 within the meaning of clause (iii) (a) to (iii) (g) and as
such they are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems Commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets for sale of goods nad services.
There is no continuing failure to correct major weakness in the
internal control systems.
5. On the basis of the audit procedures performed by us, and according
to the information and explanation given to us, we are of the opinion
that the particulars of contracts or arrangements in which directors
are interested as contemplated under Section 297 and Sub Section (6) of
Section 299 of the Companies Act and which were required to be entered
in the register maintained under Section 301 of the said Act, have been
so entered.
6. The Company has not accepted any deposit(s) from public within the
meaning of Section 58A, 58AA or any other relavant provisions of the
Act.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. Maintenance of cost records under Section 209 (1) (d) of the
Companies Act, 1956 has not been prescribed in the case of the Company.
9. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including wealth-tax, service tax and other statutory dues as
applicable to it.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of income-tax and wealth-tax,
service tax were outstanding, as at 31st March, 2011 for a period of
more than six months from the date they became payable.
(c) According to the records of the Company, there are no dues of
income-tax and wealth-tax which have not been deposited on account of
any dispute.
10. The Company has no accumulated losses.
11. As per books and records maintained by the Company and according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to a financial institution or bank or
debenture holders.
12. According to the information and explanation given to us and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies.
14. As informed and explained to us, the Company has dealt in
securities or debentures during the year. In our opinion and according
to the informations and explanations given to us, proper records have
been maintained of the transactions and contracts relating to dealing
in shares and other investments and timely entries have been made
therein. The shares 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 guarantee for loans taken by its associates
or subsidiaries from bank or financial institutions.
16. There are no term loans outstanding as at the end of the year.
17. on the basis of information received from the management and based
on our examation of the balance sheet of the Company as at March 31,
2010 we find that the fund raised on a short-term basis have not been
used for long-term investment.
18. The company has made preferential allotment of shares to parties
or Companies covered in the register maintained under Section 301 of
the Companies Act, 1956, However such allotment were made as per
pricing guidelines issued by SEBI and as such were not prejudicial to
the interest of the Company.
19. The Company did not have any outstanding debentures during the
Year.
20. The Company has not raised any money through a public issue during
the year.
21. Based on information and explanations furnished by the management,
which have been relied upon by us, there were no fraudes on or by the
Company noticed or reported during the year.
S.K.S. & CO.
Chartered Accountants
S.K. AGARWAL
(Partner)
Membership No. 52093
Kolkata
Dated: 27th day of June 2010.
Mar 31, 2010
1. We have audited the attached Balance Sheet of PARASNATH TEXTILES
LIMITED as at March 31, 2010 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the Company''s management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further 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 purpose of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
such books;
(iii) The Balance Sheet and the Profit & Loss Account referred to in
this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956;
(v) On the basis of written representation received from the directors,
as on March 31, 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on March 31, 2010,
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the said statements of account give the
information required by the Companies Act, 1956 in the manner so and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010.
ii) In the case of the Profit and Loss Account, of the Loss for the
year ended on that date.
Annexure to the Auditors'' Report
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management during
the year, which in our opining is reasonable having regards to the size
of the Company and the nature of its fixed assets.
(c) There was no substantial disposal of fixed assets during the year,
which would affect the going concern of the Company
2. The Company did not carry any inventory.
3. As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to / from Companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956 within the meaning of clause (iii) (a) to (iii) (g)
are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets for sale of goods and services.
There is no continuing failure to correct major weakness in the
internal control systems.
5. On the basis of the audit procedures performed by us, and according
to the information and explanation given to us, we are of the opinion
that the particulars of contracts or arrangements in which directors
are interested as contemplated under Section 297 and sub-section (6) of
Section 299 of the Companies Act 1956 and which were required to be
entered in the register maintained Under Section 301 of the said Act,
have been so entered.
6. The Company has not accepted any deposit(s) from public within the
meaning of Section 58A, 58AA or any other relevant provisions of the
Act.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. Maintenance of cost records under Section 209 (1) (d) of the
Companies Act, 1956 has not been prescribed in the case of the company.
9. (a) According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including wealth-tax, service tax and other statutory dues as
applicable to it.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of income-tax and wealth-tax,
service tax were outstanding, as at 31st March, 2010 for a period of
more than six months from the date they became payable.
(c) According to the records of the Company, there are no dues of
income-tax and wealth-tax which have not been deposited on account of
any dispute.
10. The Company has no accumulated losses.
11. As per books and records maintained by the Company and according
to the information and explanations given to us, the Company has not
defaulted in repayment of dues to a financial institution or bank or
debenture holders.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies.
14. As informed and explained to us, the Company has dealt in
securities or debentures during the year. In our opinion and according
to the information and explanations given to us, proper records have
been maintained of the transactions and contracts relating to dealing
in shares and other investments and timely entries have been made
therein. The shares 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 guarantee for loans taken by its associates
or subsidiaries from bank or financial institutions.
16. There are no term loans outstanding as at the end of the year.
17. On the basis of information received from the management and based
on our examination of the balance sheet of the company as at March 31,
2010 we find that the fund raised on a short-term basis have not been
used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised have any money through a public issue
during the year.
21. Based on information and explanations furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
S.K.S. & Co.
Chartered Accountants
S.K. AGARWAL
(Partner)
Membership No. 52093
Kolkata
Dated: 28th day of May 2010.
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