Mar 31, 2015
We have audited the accompanying financial statements of M/s. Dynamic
Portfolio Management & Services Limited (the Company), which comprise
the Balance Sheet as at 31st March, 2015, the Statement of Profit and
Loss and the Cash Flow Statement for the year then ended, and a summary
of the significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
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 the 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash fows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies Act, 2013 (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our knowledge
and belief and according to the information and explanations given to
us.
i. The Company does not have any pending litigations which would impact
its financial position;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
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 of M/s. Dynamic Portfolio
Management & Services Limited referred to in Paragraph 1 under the
heading "Report on other legal and regulatory requirements" of our
report of even date)
1. (a) The Company has maintained memorandum of Fixed Assets Register
showing full particulars including quantitative details and situations
of fixed assets.
(b) As per the information and explanations given to us, the Company
has carried out physical Verification of fixed assets during the year.
In our opinion, the frequency of such Verification is reasonable.
(c) Any substantial part of fixed assets has not been disposed off
during the year, which will affect its status as a going concern.
2. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of Verification is
reasonable.
The procedures of physical Verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
On the basis of our examination of the records of inventory, we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on Verification between the
physical stocks and the book records were not material.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, forms or other parties
covered in the register maintained under section 189 of the Companies
Act, 2013.
(b) According to the information and explanation given to us and on the
basis of records furnished before us for the Verification, the Company
has not accepted any deposits from the public covered under Section 73
to 76 of the Companies Act, 2013.
4. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act.
5. In our opinion and according the information & explanations given
to us, there is an adequate internal control procedure commensurate
with the size of the Company and nature of business for the purchase of
fixed assets and for the sale of services. During the course of our
Audit, no major weakness has been noticed in the internal control
system in respect of these areas.
6. (a) In our opinion and according the information & explanations
provided by the management, the particulars of contract or arrangements
that were required to be entered in the register maintained under
Section 189 of the Companies Act, 2013 have been so entered in the said
register.
(b) In our opinion and according the information & explanations given
to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rs, five lac have been entered into
during the financial year at prices which are prima-facie reasonable
having regard to prevailing market prices at the relevant time.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31st March 2015.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
9. 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 in the immediate preceding financial year.
10. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
11. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
12. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts relating to dealing in shares, securities and other
investments during the year and timely entries have been made therein.
Further, such securities have been held by the Company in its own name
or are in the process of transfer in its name, except to the extent of
the exemption granted section 49 of the Act.
13. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions.
14. According to the information and explanations given to us and on
the basis of an overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
15. The company has not made preferential allotment of shares to
parties and/or to the companies covered in the register maintained
under section 189 of the Companies Act 2013.
16. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Mukesh Choudhary & Associates
Chartered Accountants
Firm Registration No. 325258E
Place : Kolkata
Date : May 28, 2015
Mukesh Kumar Choudhary
Partner
Membership No. 062099
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Dynamic
Portfolio Management & Services Limited, which comprise the Balance
Sheet as at 31st March, 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards 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 and in accordance with therelevant 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.
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
Auditors'' 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 the
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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to 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 31st March, 2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company 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 purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, 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 Accounting Standards
notified under 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.
(e) On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained memorandum of Fixed Assets Register
showing full particulars including quantitative details and situations
of fixed assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) Any substantial part of fixed assets has not been disposed off
during the year, which will affect its status as a going concern.
2. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
The procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
On the basis of our examination of the records of inventory, we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there is an adequate internal control procedure commensurate
with the size of the Company and nature of business for the purchase of
fixed assets and for the sale of services. During the course of our
Audit, no major weakness has been noticed in the internal control
system in respect of these areas.
5. (a) In our opinion and according the information & explanations
provided by the management, the particulars of contract or arrangements
that were required to be entered in the register maintained under
Section 301 of the Companies Act 1956 have been so entered in the said
register.
(b) In our opinion and according the information & explanations given
to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rs. five lac have been entered into
during the financial year at prices which are prima-facie reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31st March 2014.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
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 in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts relating to dealing in shares, securities and other
investments during the year and timely entries have been made therein.
Further, such securities have been held by the Company in its own name
or are in the process of transfer in its name, except to the extent of
the exemption granted section 49 of the Act.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The company has not made preferential allotment of shares to
parties and/or to the companies covered in the register maintained
under section 301 of the Companies Act 1956. Therefore, the provisions
of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are
not applicable to the Company.
19. During the period, the Company has not issued unsecured debentures
on private placement basis and therefore, the provisions of clause
4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
20. The Company has not raised any money through public issue during
the year and therefore, the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Mukesh Choudhary & Associates
Chartered Accountants
Firm Registration No. 325258E
Place : Kolkata
Date : May 29, 2014
Ranjit Kr. Modi
Partner
Membership No. 062254
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Dynamic
Portfolio Management & Services Limited, which comprise the Balance
Sheet as at 31st March, 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' 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 the
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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements. 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 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company 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 purposes of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, 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, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act.
e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained memorandum of Fixed Assets Register
showing full particulars including quantitative details and situations
of fixed assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) Any substantial part of fixed assets has not been disposed off
during the year, which will affect its status as a going concern.
2. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
The procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
On the basis of our examination of the records of inventory, we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there is an adequate internal control procedure commensurate
with the size of the Company and nature of business for the purchase of
fixed assets and for the sale of services. During the course of our
Audit, no major weakness has been noticed in the internal control
system in respect of these areas.
5. (a) In our opinion and according the information & explanations
provided by the management, the particulars of contract or arrangements
that were required to be entered in the register maintained under
Section 301 of the Companies Act 1956 have been so entered in the said
register.
(b) In our opinion and according the information & explanations given
to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rs. five lac have been entered into
during the financial year at prices which are prima-facie reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31st March 2013.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
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 in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts relating to dealing in shares, securities and other
investments during the year and timely entries have been made therein.
Further, such securities have been held by the Company in its own name
or are in the process of transfer in its name, except to the extent of
the exemption granted section 49 of the Act.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The company has not made preferential allotment of shares to
parties and/or to the companies covered in the register maintained
under section 301 of the Companies Act 1956. Therefore, the provisions
of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are
not applicable to the Company.
19. During the period, the Company has not issued unsecured debentures
on private placement basis and therefore, the provisions of clause
4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
20. The Company has not raised any money through public issue during
the year and therefore, the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Mukesh Choudhary & Associates
Chartered Accountants Firm
Registration No. 325258E
Place : Kolkata
Date : May 30, 2013 Ranjit Kr. Modi
Partner
Membership No. 062254
Mar 31, 2012
We have audited the attached Balance Sheet of Dynamic Portfolio
Management & Services Limited as at 31st March 2012 and also the Profit
& Loss Account for the year ended on that day annexed hereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also included
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.
a. As required by the Companies (Auditors' Report) Order, 2003
issued by the Department of Company Affairs in terms of Section 227
(4A) of the Companies Act 1956, we enclose in theAnnexure, a statement
on the matter specified in the said Order to the extent applicable; .
b. Further to our comments in the annexure referred to in paragraph 1
above -
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 accounts 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 the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts'
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts 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 representations received from the
Directors, as on 31st March 2012, 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;
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, 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 31st March 2012;
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained memorandum of Fixed Assets Register
showing full particulars including quantitative details and situations
of fixed assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) Any substantial part of fixed assets has not been disposed off
during the year, which will affect its status as a going concern.
2. The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
The procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
On the basis of our examination of the records of inventory, we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there is an adequate internal control procedure commensurate
with the size of the Company and nature of business for the purchase of
fixed assets and for the sale of services. During the course of our
Audit, no major weakness has been noticed in the internal control
system in respect of these areas.
5. (a) In our opinion and according the information & explanations
provided by the management, the particulars of contract or arrangements
that were required to be entered in the register maintained under
Section 301 of the Companies Act 1956 have been so entered in the said
register.
(b) In our opinion and according the information & explanations given
to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of ' five lac have been entered into
during the financial year at prices which are prima-facie reasonable
having regard to prevailing market prices at the relevant time. '
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors' Report) Order 2003 is not
applicable.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors' Education & Protection Fund, Employees State
Insurance Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty,
Excise Duty, CESS and any other statutory dues have been regularly
deposited in time during the year with appropriate authorities and
there are no undisputed statutory dues payable for a period of six
months from the date they became payable as at 31st March 2012.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
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 in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors'
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts relating to dealing in shares, securities and other .
investments during the year and timely entries have been made therein.
Further, such securities have been held by the Company in its own name
or are in the process of transfer in its name, except to the extent of
the exemption granted section 49 of the Act.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The company has not made preferential allotment of shares to
parties and/or to the companies covered in the register maintained
under section 301 of the Companies Act 1956. Therefore, the provisions
of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are
not applicable to the Company.
19. During the period, the Company has not issued unsecured debentures
on private placement basis and therefore, the provisions of clause
4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company
20. The Company has not raised any money through public issue during
the year and therefore, the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Mukesh Choudhary & Associates
Chartered Accountants
Place: Kolkata
Date : June 30, 2012
Ranjit Kr. Modi
Partner
Mar 31, 2010
We have audited the attached Balance Sheet of Dynamic Portfolio
Management & Services Limited as at 31st March 2010 and also the Profit
& Loss Account for the year ended on that day annexed hereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards 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 a test basis, evi- dence supporting the amounts
and disclosures in the financial statements. An audit also included
assess- ing 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.
a. As required by the Companies (Auditors Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) of
the Companies Act 1956, we enclose in the Annexure, a statement on the
matter specified in the said Order to the extent applicable;
b. Further to our comments in the annexure referred to in paragraph 1
above -
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 accounts 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 the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts 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 representations received from the Directors,
as on 31st March 2010, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2010 from being appointed as a Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act 1956;
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, and give a true and fair view in
conformity with the accounting principles generally accepted in India
:-
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
2. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors Report (Referred to in Paragraph 1 of our
report of even date)
1. (a) The Company has maintained proper books of records showing full
particulars including quantitative details and situations of fixed
assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal during
the year.
(d) The procedure of physical verification of stock & securities
followed by management are reasonable and adequate in relation to the
size of the Company nature of its business.
(e) The éompany has maintained proper record of Inventories. No
discrepancies noticed on physical verification of Investments as
compared to the books & records.
2. The Company does not have any inventories. Accordingly the Clause
4(ii) of the Companies, (Auditors Report) Order 2003 is not
applicable.
3. (a) According to the information and explanation given to us and on
the basis of records furnished
before us, the Company has not granted any loans, secured or unsecured
to Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of business with regard to purchase
and sales. During the course of our Audit, we have not observed any
continuing failure to correct major weakness of internal audit.
5. (a) In our opinion and according the information & explanations
given to us, the particulars of
contract or arrangements that were required to be entered in the
register maintained under Section 301 of the Companies Act 1956 have
been so entered in the said register.
(b) In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors Report) Order 2003 is not
applicable.
7. The Company has appointed a firm of Chartered Accountants, to carry
out internal audit functions, on broadly reviewing the Audit Reports
furnished before us and information and explanation given to us by the
management, we are of the opinion that the Internal Audit is
commensurate with the size of the Company and the nature of business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed
statutory dues including Provident Fund, Investors Education &
Protection Fund, Employees State Insurance Scheme, Income Tax, Sales
Tax, Wealth Tax, Custom Duty, Excise Duty, CESS and any other statutory
dues have been regularly deposited in time during the year with
appropriate authorities and there are no undisputed statutory dues
payable for a period of six months from the date they became payable as
at 31st March 2010.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
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 in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has kept adequate records of its transactions
and contracts in shares, securities, debentures and other investments
and timely entries have been made therein. The Shares, Securities,
Debentures and Other Investments are held in the name of the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. During the period, the Company has made allotment of shares on
preferential basis. The allotment and the pricing of the shares have
been made in accordance with guidelines laid down in this regard by
SEBI and hence prices at which these have been issued, are prima-facie,
prejudicial to the interest of the Company.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditors Report) Order, 2003
is not applicable.
20. The Company has not raised any money through a Public Issue during
the year under Audit. Accordingly Clause 4(xx) of Companies (Auditors
Report) Order, 2003 is not applicable.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Mukesh Choudhary & Associates
Chartered Accountants
Place : Kolkata
Date : May 31, 2010
Ranjit Kr. Modi
Partner