Mar 31, 2014
We have audited the attached Balance Sheet of M/S. FAST TRACK
ENTERTAINMENT LIMITED as at 31st March, 2014 and also the Profit and
Loss account of the year ended on the date annexed thereto and cash
flow statement for the year ended on that date. These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
(1) 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;
(2) As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) 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.
(3) 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
those books;
c. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the balance sheet, profit and loss account referred
to in this report complies with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
e. According to Information & explanation given to us and on this
basis of the written representations received from the directors, as on
March 31, 2014, and taken on record by the Board of Directors, we
report that 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.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
· in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014.
· in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
· 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 is maintaining proper records showing full
particulars including quantitative details of fixed assets.
(b) All the fixed assets have not been verified by the management
during the year but, according to the information and explanations
given to us, there is a regular programme of verification which, in our
opinion, is responsible having regard to the size of the Company and
the nature of assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
assets physically verified.
( c) During the year, in our opinion, a substantial part of fixed
assets has not been disclosed off by the company.
2. (a) The inventory of the Company has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c ) The Company has maintained proper records of inventory. No
discrepancies were notices on Verification between the physical stocks
and the books records.
3. The Company has neither granted nor taken loans, secured or
unsecured, from Companies, Firms or other parties covered in the
register, maintained under Section 301 of the Companies Act, 1956 as
the company has not granted/taken any loans, secured 301 of the
companies Act, 1956 clauses iii(b), iii(c) & iii(d) of paragraph 4 of
the order, are not applicable.
4. 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 regards to purchases of
inventory, fixed assets and for sale of goods.
5. (a) According to the information and explanations given to us, the
transaction made in pursuance of contract or agreements, that need to
be entered into the registered into the register maintained under
section 301 of the Companies Act, 1956 have been recorded.
(b) There are not transaction of purchase & sale of goods, materials
and services made in pursuance of contracts or arrangement entered in
registered maintained u/s. 301 of the companies act, 1956 aggregating
during the year to Rs. 5,00,000/- or more in respect of each party.
6. The Company has not accepted any deposits from public.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of business.
8. According to the information and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government u/s. 209 (1) (d) of the Companies Act, 1956.
9. As per the information and explanation given to us, the company is
not liable for Provident Fund, Investor Education & Protection Funds or
Employees State Insurance, Wealth tax, Custom Duty, Excise Duty and
Cess. The Company is regular in payment of Income Tax, Sales Tax and
according to the information and explanations given to us, no
undisputed amount payable in respect of such statutory dues.
According to the information and explanations given to us, there are no
cases of non- deposit with the appropriate authorities of disputed dies
of sales tax / income tax / custom tax / wealth tax/ excise duty /
cess.
10. The company has no accumulated losses and has not incurred cash
losses in the current year and in immediately preceding financial year.
11. According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institution and bank or debenture and
other securities.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debenture holders. There were no
debenture holders at any time during the year.
13. As per the information and explanation given to us, the provisions
of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit
Fund / Societies are not applicable to the company.
14. In our opinion and according to the information and explanation
given to us the company is not a dealer or trader in securities.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions. The terms and conditions whereof
in our opinion are prima facie, prejudicial to the interest of the
Company.
16. The Company has not taken any tem loan during the year.
17. Based on the examination of documents and records made available
and on the basis of information and explanation given to us, since the
company has not raised short-term and long-term fund, Para 4 of the
order is not applicable.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties &
Companies covered in the register maintained u/s. 301 of the Companies
Act, 1956 during the year.
19. No debentures have been issued by Company and hence question of
creating security does not issue.
20. The Company has not raised any money by way of public issue during
the year.
21. On the basis of our examination and according to the information
and explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Mehul & Assocates
Chartered Accountants
Date : 01/09/2014 Sd/-
Place : Mumbai Mehul Doshi
(Proprietor)
M. Ship No. 103311
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. FAST TRACK
ENTERTAINMENT LIMITED as at 31st March, 2012 and also the Profit and
Loss account of the year ended on the date annexed thereto and cash
flow statement for the year ended on that date. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
(1) 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;
(2) As required by the Companies (Auditor's Report) Order, 2003 (as
amended) 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.
(3) 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
those books;
c. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the balance sheet, profit and loss account referred
to in this report complies with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
e. According to Information & explanation given to us and on this
basis of the written representations received from the directors, as on
March 31, 2012, 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 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 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;
- in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012.
- in the case of the Profit and Loss Account, of the loss for the
year ended on that date and
- 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 is maintaining proper records showing full
particulars including quantitative details of fixed assets.
(b) All the fixed assets have not been verified by the management
during the year but, according to the information and explanations
given to us, there is a regular programme of verification which, in our
opinion, is responsible having regard to the size of the Company and
the nature of assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
assets physically verified.
( c) During the year, in our opinion, a substantial part of fixed
assets has not been disclosed off by the company.
2. (a) The inventory of the Company has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c ) The Company has maintained proper records of inventory. No
discrepancies were notices on Verification between the physical stocks
and the books records.
3. The Company has neither granted nor taken loans, secured or
unsecured, from Companies, Firms or other parties covered in the
register, maintained under Section 301 of the Companies Act, 1956 as
the company has not granted/taken any loans, secured 301 of the
companies Act, 1956 clauses iii(b), iii(c) & iii(d) of paragraph 4 of
the order, are not applicable.
4. 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 regards to purchases of
inventory, fixed assets and for sale of goods.
5. (a) According to the information and explanations given to us, the
transaction made in pursuance of contract or agreements, that need to
be entered into the registered into the register maintained under
section 301 of the Companies Act, 1956 have been recorded.
(b) There are not transaction of purchase & sale of goods, materials
and services made in pursuance of contracts or arrangement entered in
registered maintained u/s. 301 of the companies act, 1956 aggregating
during the year to Rs. 5,00,000/- or more in respect of each party.
6. The Company has not accepted any deposits from public.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of business.
8. According to the information and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government u/s. 209 (1) (d) of the Companies Act, 1956.
9. As per the information and explanation given to us, the company is
not liable for Provident Fund, Investor Education & Protection Funds or
Employees State Insurance, Wealth tax, Custom Duty, Excise Duty and
Cess. The Company is regular in payment of Income Tax, Sales Tax and
according to the information and explanations given to us, no
undisputed amount payable in respect of such statutory dues.
According to the information and explanations given to us, there are no
cases of non-deposit with the appropriate authorities of disputed dies
of sales tax / income tax / custom tax / wealth tax/ excise duty /
cess.
10. The company has no accumulated losses and has not incurred cash
losses in the current year and in immediately preceding financial year.
11. According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institution and bank or debenture and
other securities.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debenture holders. There were no
debenture holders at any time during the year.
13. As per the information and explanation given to us, the provisions
of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit
Fund / Societies are not applicable to the company.
14. In our opinion and according to the information and explanation
given to us the company is not a dealer or trader in securities.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions. The terms and conditions whereof
in our opinion are prima facie, prejudicial to the interest of the
Company.
16. The Company has not taken any tem loan during the year.
17. Based on the examination of documents and records made available
and on the basis of information and explanation given to us, since the
company has not raised short-term and long-term fund, Para 4 of the
order is not applicable.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties &
Companies covered in the register maintained u/s. 301 of the Companies
Act, 1956 during the year.
19. No debentures have been issued by Company and hence question of
creating security does not issue.
20. The Company has not raised any money by way of public issue during
the year.
21. On the basis of our examination and according to the information
and explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Mehul & Assocates
Chartered Accountants
Date : 31-08-2012 Sd/-
Place : Mumbai Mehul Doshi
(Proprietor)
M. Ship No. 103311
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. FAST TRACK
ENTERTAINMENT LIMITED as at 31st March, 2010 and also the Profit and
Loss account of the year ended on the date annexed thereto and cash
flow statement for the year ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
(1) 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;
(2) As required by the Companies (Auditors Report) Order, 2003 (as
amended) 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.
(3) 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
those books;
c. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account; Ã
d. In our opinion, the* balance sheet, profit and loss account
referred to in this report complies with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956.
e. According to Information & explanation given to us and on this
basis of the written representations 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.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
- in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010.
- in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
- 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 is maintaining proper records showing full
particulars including quantitative details of fixed assets.
(b) All the fixed assets have not been verified by the management
during the year but, according to the information and explanations
given to us, there is a regular programme of verification which, in our
opinion, is responsible having regard to the size of the Company and
the nature of assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
assets physically verified.
(c) During the year, in our opinion, a substantial part of fixed assets
has not been disclosed off by the company.
2. (a) The inventory of the Company has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c ) The Company has maintained proper records of inventory. No
discrepancies were notices on Verification between the physical stocks
and the books records.
3. The Company has neither granted nor taken loans, secured or
unsecured, from Companies, Firms or other parties covered in the
register, maintained under Section 301 of the Companies Act, 1956 as
the company has not granted/taken any loans, secured 301 of the
companies Act, 1956 clauses iii(b), iii(c) & iii(d) of paragraph 4 of
the order, are not applicable.
4. 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 regards to purchases of
inventory, fixed assets and for sale of goods.
5. (a) According to the information and explanations given to us, the
transaction made in pursuance of contract or agreements, that need to
be entered into the registered into the register maintained under
section 301 of the Companies Act, 1956 have been recorded.
(b) There are not transaction of purchase & sale of goods, materials
and services made in pursuance of contracts or arrangement entered in
registered maintained u/s. 301 of the companies act, 1956 aggregating
during the year to Rs. 5,00,000/- or more in respect of each party.
6. The Company has not accepted any deposits from public.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of business.
8. According to the information and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government u/s. 209 (1) (d) of the Companies Act, 1956.
9. As per the information and explanation given to us, the company is
not liable for Provident Fund, Investor Education & Protection Funds or
Employees State Insurance, Wealth tax, Custom Duty, Excise Duty and
Cess. The Company is regular in payment of Income Tax, Sales Tax and
according to the information and explanations given to us, no
undisputed amount payable in respect of such statutory dues.
According to the information and explanations given to us, there are no
cases of non- deposit with the appropriate authorities of disputed dies
of sales tax / income tax / custom tax" / wealth tax/ excise duty /
cess.
10. The company has no accumulated losses and has not incurred cash
losses in the current year and in immediately preceding financial year.
11. According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institution and bank or debenture and
other securities.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debenture holders. There were no
debenture holders at any time during the year.
13. As per the information and explanation given to us, the provisions
of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit
Fund / Societies are not applicable to the company.
14. In our opinion and according to the information and explanation
given to us the company is not a dealer or trader in securities.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions. The terms and conditions whereof
in our opinion are prima facie, prejudicial to the interest of the
Company.
16. The Company has not taken any tern loan during the year.
17. Based on the examination of documents and records made available
and on the basis of information and explanation given to us, since the
company has not raised short-term and long-term fund, Para 4 of the
order is not applicable.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
fit Companies covered in the register maintained u/s. 301 of the
Companies Act, 1956 during the year.
19. No debentures have been issued by Company and hence question of
creating security does not issue.
20. The Company has not raised any money by way of public issue during
the year.
21. On the basis of our examination and according to the information
and explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For Mehul & Assocates
Chartered Accountants
Date : 30-08-2010 Sd/-
Place : Mumbai Mehul Doshi
(Proprietor)
M. Ship No. 103311