Mar 31, 2014
We have audited the accompanying financial statements of ELCID
INVESTMENTS LTD ("the Company") which comprise Ihe Balance Sheet as at
March 31,2014, and the Statements 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 Standards referred to in sub-section (3CJ of Section 211
of the Companies Act, 1956 ("the Act")[ which continue to be applicable
in respect of Section 133 of the Companies act 2013 in terms of General
Circular 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate
Affairs], This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of Ihe 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 financiol
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chortered
Accountants of India, Those Slandords require thot we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from materials misstatement.
An oudit involves performing procedures to obtain oudit evidenqe obout
the amounts and disclosures on the financial stofements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the finoncial 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 entity's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we hove obtoined is sufficient and
appropriate to provide a basis for our oudil 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014 '
ii) In the case of the Statement of Profit and Loss, of 1 he Profit of
the Company ' for the year ended on that date; and
iiij In the case of the Cash Flow Statement, of the cash flows for the
yeor 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 paragraph 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 aur
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, Statement of Profit & Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit & Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2014, and 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 clause' (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
Annexure to Independent Auditor's Report
Referred to in Paragraph 1 under the heading of "Report on other
Legal & Regulatory Requirements" of our Report of even date
On Ihe basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
a) The Compony has maintained proper records to show full
particulars including
quantitative details and situation of its fixed assets,
(b) As explained to us, fixed assets have been 'physically verified by
the monagemenl at reasonable intervals; no material discrepancies were
noticed on such verification,
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets-during the year and therefore-does not offect the
going concern assumption.
2. The Company's nature of operation and business does not require to
hold any inventories, hence the provisions of clause (iS) of paragraph
4 of the Order are not opplicoble to the Company,.
3. (a) According to the information and explanations given to us, and
on the basis of our examination of the books of occount, the Company
has not granted any loans, secured or unsecured, to companies, firms'
or other parties listed in the register maintained under section 301
of the Companies Act. Consequently, the - I provisions of clauses iii
(b), iii(c) and iii(d) of paragraph 4 of the Order are not applicable
to the Company.
(b) According to the information and explanations given to us and on
the bosis 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 mointained under section 301 of the Companies Act, 1956.
Thus, sub-clauses (f) and (g) are not applicoble to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an'adequate internal control system commensurate
with the size of the Compony and the nature of its business, for the
sales & purchases of investment and fixed assets and payment for
expenses, During the course of our audit, no major instance of
continuing failure to correct any weakness 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.
(bj As per information and explanations given to us and in our opinion,
the transaction entered into by the Company with the parties covered
under ' Section 301 of the Act doe's not exceeds five lacs rupees in a
financial year there fore requirement of reasonableness of transactions
does not arises,
6. The Company has not accepted any deposits from the public covered
under Section 58A and 50AA of the Act.
7. As per information and explanation given by 1he management, the
Company has no internal audit system commensurate with its size and
the nature of its business.
8. As per information and explanation given by the management,
maintenance of cost records'has not been prescribed by the Central
Government under tlause (d) of Sub section {1) of Section 209 of the
Act, and clauses viii of paragraph 4 of the Order is not applicable
to the Company.
9. According to the records of the Company, undisputed statutory dues
including Income-tax and any other statutory dues have generally been
regularly deposited with the appropriate authorities.
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 Ihe management, we are of the opinion' that, the
Company has not defaulted in repayment of dues to financial institutions,
banks and debenture holders,
12. According to the information and explanations given 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. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the Order
are not applicable to the Company.
14. According to information and explanations given to- us, the Company
has maintained proper records of the transactions and contracts of the
investments traded in shares, securities, debentures and other
investments and timely entries have been made therein. All shares,
securities, debentures and other investments have been held by the
Company in its own name.
15.According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial Institutions. .
16. Based on our audit procedures and on the information given by the .
management we report that the Company has not raised any term loans
during, the year.
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 basts have
been used for long term investments 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 to parties and
companies covered in the register maintained under Section 301 of the
Companies Act, during the year.
19. According to the records of the Company, and as per the information
and explanations given to us by the management, the Company has no
outstanding debentures as at the year-end. Therefore the question of
creating securities/ charges for the same does not arise.
20. The Company has not raised any money by public issue during the
year covered by our report.
21. According to Ihe records of the Company, and as per ihe information
and explanations given 1o us by the management, 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 Deepak Shah & Co.
Chartered Accountants .
(Registration No. 102249W)
D.N.SHAH
Proprietor
Membership No.030566 .
Mumbai: May 27, 2014
Mar 31, 2012
1 We have audited the attached balance sheet of ELCID INVESTMENTS LTD
as at March 31,2012, and also the profit and loss account and the cash
flow statement 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 have conducted our audit in accordance with auditing standards
generally accepted in j 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 the 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) Order, 2003 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, on the basis of such checks of the books and
records of the Company as we considered appropriate and the information
and explanations given to us during the course of our audit.
4 Further to our comments in the annexure referred to above, we report
that;
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper Books of Account as required by law, have
been kept by the Company so far as appears from our examination of the
Books of Account.
c) The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the Books of Account.
d) In our opinion, the Profit & Loss Account, Cash flow statement and
the Balance Sheet of the Company 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
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on March 31, 2012 from being appointed
as a Director under 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 accounts, read together with the
notes, give the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with
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 31,2012
ii) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
iii) In the ease of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFFERED IN PARAGRAPH 3 OF THE AUDITOR'.S REPORT TO THE
MEMBERS OF ELCID INVESTMENTS LTD. FOR THE YEAR ENDED 31st MARCH. 2012.
1. (a)The Company has maintained proper records to show full
particulars including quantitative
details and locations of fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management. during the year, no material discrepancies were noticed
on such verification.
(c) During the year, the company has not disposed off a substantial
part of the fixed assets.
2. The company'.s nature of operation does not require to hold any
inventory, hence this clause is not applicable
1 (a) The Company has not granted loans to any party covered in the
register maintained under section 301 of the Companies Act. Hence,
reporting under this clause is not applicable.
(b) The company has not taken any secured or unsecured loan from any
party covered in the register maintained under section 301 of the
Companies Act, 1956. Hence, reporting under this clause is not
applicable.
4. In our opinion and according to the information and explanations
given to us, thane is an adequate internal control system commensurate
with the size of the Company and the nature of its business. There is
no major weakness in the internal control procedures.
5. (a) All the transactions with parties covered under Section 301 of
the Companies Act, 1956 have been properly entered in the register
maintained under Section 301 of the Act.
(b) According to the information &r explanations given to us, there are
no transactions that need to be entered into the register maintained
under Section 301 of the Companies Act, 1956 above Rs. 500000/- during
the financial year.
6 In our opinion & according to the information and explanations given
to us, the Company has not accepted any public deposits covered under
the provisions of Sec 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules,1975.
7. The Company has no Internal Audit system. :
8. No maintenance of cost record has been prescribed by the Central
Government under clause (d) of sub section (1) of section 209 of the
Act, and hence this clause is not applicable.
9. (a) The Company is regular in depositing undisputed statutory dues
including Income' tax and any other statutory dues with the appropriate
authorities to the extent applicable.
(b) Following dues are not deposited on account of the disputes pending
before the appropriate authorities as under:
Name of Nature of Assessment
year Rs. In
lacs Forum where the
Statute dues Dispute is pending
Income Tax Assessment 2008-09 104.97 CIT (Appeals)
Act, 1961 Dues
10. The Company has no accumulated losses at the end of the current
financial year. The company has not incurred cash losses during the
financial year and in immediately preceding financial year.
11. According to the records of the company and as per the information
and explanations given to us, there was no default in repayment of dues
to a financial institution, bank or debenture holders during the
financial year.
12. According to the records of the company and as per the information
and explanations given 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 the Company is not a Chit Fund Company or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor'.s Report) Order, 2003 are not
applicable to the Company.
14. The Company has maintained proper records of the transactions and
contracts of the investments traded and timely entries have been made
therein. The shares, securities, debentures and other investments have
been held by the Company in its own name except to extent of the
exemption granted under section 49 of the Companies Act, 1956.
15. According to the records of the company, and as per the
information and explanations given to us the Company has not given
guarantees for loans taken by others from banks and financial
Institutions.
16. According to the records of the company, and as per the
intonation and explanations given to us, the Company has not taken the
term loan and hence provision of clause 4(xvi) of the order is not
applicable.
17. According to the records of the company, and as per the
information and explanations given to us and on an overall examination
of the balance sheet of the Company, it has not raised funds on
short' term basis, which have been used for long term investments.
18. According to the records of the company, and as per the
information and explanations given to us, the Company has not made
preferential allotment of shares to parties and companies covered in
the register maintained under Section 301 of the Companies Act, 1956.
19. According to the records of the company, and as per the
information and explanations given to us the Company has no debenture
outstanding as at the year-end. Therefore the question of creating a
security for the same docs not arise. .
20. The Company has not raised any money by public issue during the
year covered by our report.
21. According to the records of the company, and as per the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For Deepak Shah & Co.
Chartered Accountants FRN102249W
D.N.SHAH
Proprietor
Mem No.030566
Mumbai: May 26,2012
Mar 31, 2010
We have audited the attached Balance Sheet of ELCID INVESTMENT LIMITED
as at 31st March 2010, the Profit and Loss Account and the Cash Flow
Statement of the Company for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial 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.
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Company Law Board in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement on the matters
specified in paragraph 4 and 5 of the said order to the extent
applicable.
2. Further to our comments in the Annexure referred to above, we
report that;
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books;
c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account;
d) In our opinion the Balance Sheet, the Profit and Loss Account and
the Cash Flow statement referred to in this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956;
e) On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 31st March 2007 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 Balance Sheet, the Profit and
Loss Account and the cash flow statement, read together with the notes
thereon, give the information required by the Companies Act, 1956, in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India.
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii. In the case of the Profit and Loss Account, of the "Profit" of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE REFERRED IN PARAGRAH 3 OF THE AUDITORS REPORT TO THE MEMBERS
OF ELCID INVESTMENT LIMITED FOR THE YEAR ENDED 31st MARCH 2010
1. a) The Company has maintained proper records showing full
particulars including quantitative details and location of the Fixed
Assets.
b) There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
c) The Company has not disposed of substantial part of fixed assets
during the year.
2. There is no Inventories and hence, the provision for clause 4(ii)
of the companies (Auditors Report) Order, 2003 is not applicable to
the company.
3. a) According to the information and explanations given to us, the
company has not granted any loans to Companies, Firms or other parties
covered in the registered maintained under Section 301. The maximum
balance in respect of loan granted earlier was Nil.
b) In our Opinion, the rate of interest and other terms and condition
of such loans are prima facie not prejudicial to the interest of the
Company.
c) The receipt and payment of principal amount and interest have been
regular during the year.
d) There were no overdue amounts in respect of above intercorporate
loans.
e) The Company has not taken any loan from any party covered 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 are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to fixed assets.
5 a) All the transactions with parties covered under section 301 of the
Companies Act, 1956 have been properly entered in the register
maintained under section 301 of the Act.
b) According to the information and explanations given to us, there are
no transactions that need to be entered into the registered maintained
u/s 301 of the companies act, 1956 above Rs. 5,00,000/- during the
financial year.
6 In our opinion, and according to the information and explanations
given to us, the Company has not accepted any deposits with in the
meaning of Section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7 The company has no formal internal audit department as such but its
control procedures ensure reasonable internal check of its financial
and other records.
8 The requirements of maintaining cost records has prescribed by the
Central Government under Section 209(l)(d) of the Companies Act, 1956,
are not applicable to the company.
9 a) According to the information and explanation given to us, the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance, Income Tax, Sales Tax,
Custom Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities to the extent applicable.
b) According to the information and explanation given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, Excise Duty and Cess were in arrears, as at the end
of financial year for a period of more than six months from the date
they became payable.
10. The Company has not incurred cash loss in the current year and in
the immediate preceding financial year.
11. According to the information and explanations given to us, the
company has not obtained any borrowings from any banks, financial
institutions or by way of debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provision of clause 4(xiii) of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
14. The Company has maintained proper records of the transactions and
contracts of the investments traded and timely entries have been made
therein. The shares, securities, debentures and other investments have
been held by the Company in its own name except to extent of the
exemption granted under Section 49 of the Companies Act, 1956.
15 The Company has not given any guarantees during the year.
16. The Company has not taken any term loan during the year.
17. According to the information and explanation received, the Company
has not taken any short term and/or long term borrowings and hence
clause no. 4 (xvii) is not applicable.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. As per the information and explanation given to us no material
fraud on or by the Company has been noticed during the year.
For DEEPAK SHAH & CO.,
Chartered Accountants
F.R.No. 102249W
[Mr.D.N. SHAH]
Proprietor
Mem. No. 030566
Mumbai: July 16,2010