Mar 31, 2015
We have audited the accompanying financial statements of FE (India)
Limited {formerly known as Financial Eyes (India) Limited} ("the
Company"), which comprise the Balance Sheet as at March 31,2015; Profit
and Loss Account 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 and
financial performance 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") 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 the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Companies 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 Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report 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 notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporation of Affairs in respect of section
133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 274 (1)(g) of the Companies
Act, 1956 read with section 164(2) of the Companies Act, 2013.
The Annexure referred to in paragraph 1 under head "Report on Other
Legal and Regulatory Requirements" of the Our Report of even date to
the members of FE (India) Limited on the accounts of the company for
the year ended March 31, 2015.
On the 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:
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the company has not disposed off substantial part of fixed
asset during the year.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals. The stock
has also been verified by independent auditors appointed by banks
during the year and we have also relied upon their reports in forming
our opinion.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management seems reasonable in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records, we are of the
opinion that the Company should maintain site-wise real time record of
stocks for better control. At present company is maintaining inventory
records at head office in accounting software which are not real time
and some desirable information like goods in-out time, vehicle details
etc. are also not available in these records. In our opinion, company
need to improve record keeping with respect to the inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted advances and made payments on behalf of the companies, firms,
directors or other parties listed in the register maintained under
Section 301 of the Companies Act, 1956 read with Section 189 of the
Companies Act 2013 during the year. Total amount advanced during the
year to 5 such parties was Rs. 151.13 lacs and Rs. 56.34 lacs were
recoverable as on March 31,2015 on this account.
Company has also accepted advance & unsecured loans from related party
during the year from the referred parties. Rs. 2376.23 lacs was payable
on March 31, 2015 on this account.
(b) The advances & loans as referred in (a) above are without interest
and unsecured in nature. Considering tenure of these and also the fact
that Company has also taken similar advances from related parties
during the year, no funds of the company seems to been diverted. So, we
are of the opinion that these are not prejudicial to the interest of
the Company.
(c) As explained by the company the advances to related parties in of
temporary nature and are recoverable in short period. Though, we have
noticed exceptions in timely recovery as stated by company.
(d) As these advances are without any defined repayment instalment &
time, we can't term the outstanding amount as overdue.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business except as stated at Sr. No. 2(c) above, for the purchase of
inventories & fixed assets and payment for expenses & for sale of
goods. During the course of our audit, no major instance of continuing
failure to correct any weaknesses in the internal controls except as
stated at Sr. No. 2(c) above has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the transactions have been made at a price which is reasonable
and are not prejudice to the interest of the company.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per our knowledge and information & explanation given by the
management, the Central Government has not prescribed the maintenance
of cost records under Section 209(1)(d) of the Act for any of the
product dealt by the company.
9. (a) According to the records of the company, we have noticed delays
in payment of undisputed statutory dues including Employees' State
Insurance, Income-tax, Sales-tax/VAT, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess to the extent applicable and any other
statutory dues as applicable. Following is detail of such dues
outstanding for more 6 months or more on close of books of the company
for the year:
Nature of Nature of Dues Amount Period to which
statute the amount
relates
Finance Act, Service Tax 0.61 lacs F Y 2013-14
1994
Finance Act, Service Tax 0.67 lacs F Y 2014-15
1994
Income Tax Income tax in 228.38 lacs FY 2013-14
Act, 1961 relation to AY
2014-15
Nature of Due date Date of payment
statute
Finance Act, Various dates Not paid till
1994 upto date of audit
31.03.2014 report
Finance Act, Various dates Not paid till
1994 upto date of audit
05.10.2015 report
Income Tax 30-Sep-14 Not paid till
Act, 1961 date of audit
report
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders during the year.
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 provision of this clause is not applicable
to the Company.
14. On the basis of our examination of the records and documents of the
Company, and according to the information and explanations given to us,
we are of the opinion that the Company is not dealing or trading in
shares, securities, debentures & other investments. Therefore,
provision of this clause is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we are of the opinion that the Company has not utilised any
term loans for other purposes than for which it was raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at March 31,
2015 we report that no funds raised on short-term basis have been used
for long-term investment by the Company.
18. The Company has made preferential allotment of warrants in the
year to parties covered in the register maintained u/s 301 of the
Companies Act, 1956. The issue price has been arrived as per SEBI
prescribed formula. The price is not prejudicial to the interest of the
company.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For L M S C & Co.
Chartered Accountants
FRN: 021763N
Sd/-
Shri Chand
Place: New Delhi Partner
Date: 6th June 2015 M. No. : 098635
Dec 31, 2013
We have audited the accompanying financial statements of FE (India)
Limited {formerly known as Financial Eyes (India) Limited} ("the
Company"), which comprise the Balance Sheet as at December 31, 2013;
Profit and Loss Account and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Companies 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 December 31, 2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on December 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on December 31, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 under head "Report on Other
Legal and Regulatory Requirements" of the Our Report of even date to
the members of FE (India) Limited on the accounts of the company for
the year ended December 31, 2013.
On the 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:
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the company has not disposed off substantial part of fixed
asset during the year.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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.
(c) On the basis of our examination of the records, we are of the
opinion that the Company is generally maintaining proper records of its
inventories. No material discrepancy was noticed on physical
verification of stocks by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted temporary advances and made payments on behalf of the
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956 during the year. As
explained by company these are not loans. These are generally
recovered in short period. The total amount advanced during the year to
5 such parties is Rs. 566.10 lacs and Rs. 26.54 lacs was recoverable as
on December 31, 2013 on this account.
(b) The temporary advances as referred in (a) above are without
interest and unsecured in nature. Considering tenure of these and also
the fact that Company has taken similar advances from other related
parties also during the year, we are of the opinion that these are not
prejudicial to the interest of the Company.
(c) These temporary advances are generally recovered/ received back in
short period.
(d) As these advances are without any defined repayment instalment &
time, we can''t term the outstanding amount as overdue.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken temporary advances from companies, firms or other parties listed
in the register maintained under Section 301 of the Companies Act, 1956
without any interest & security. The total amount taken during the year
from 3 such parties is Rs. 222.54 lacs and Rs. 160.91 lacs was payable
as on December 31, 2013 out of this.
(f) The temporary advances received are unsecured & interest free
advances. In our opinion the terms of these are not prejudicial to the
interest of the Company.
(g) ) As these advances are without any defined repayment instalment &
time, we can''t term the outstanding amount as overdue.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the transactions have been made at a price which is reasonable
and are not prejudice to the interest of the company.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per our knowledge and information & explanation given by the
management, the Central Government has not prescribed the maintenance
of cost records under Section 209(1)(d) of the Act for any of the
product dealt by the company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been deposited with the appropriate
authorities without major delays.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders during the year.
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 provision of this clause is not applicable
to the Company.
14. On the basis of our examination of the records and documents of
the Company, and according to the information and explanations given to
us, we are of the opinion that the Company is not dealing or trading in
shares, securities, debentures & other investments. Therefore,
provision of this clause is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we are of the opinion that the Company has not utilised any
term loans for other purposes than for which it was raised.
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
December, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. The Company has made preferential allotment of warrants in the year
to parties other than covered in the register maintained u/s 301 of the
Companies Act, 1956. Therefore, the provision of this clause is not
applicable to the Company
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For L M S C & Co.
Chartered Accountants
FRN: 021763N
Sd/-
Shri Chand
Partner
M. No. : 098635
Place: New Delhi
Date: 6th March 2014
Sep 30, 2012
1 We have audited the attached Balance Sheet of F E (INDIA) Limited.
Formerly known as [Financial Eyes (India) Limited], New Delhi as at
September 30, 2012 and the related Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto, which
we have signed under reference to this report. These financial
statements are the responsibility of the Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2 We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates by
management, as well as evaluating the overall financial presentation.
We believe that our audit provides a reasonable basis for our opinion.
3 As required by the Companies (Auditors'' Report) (Amendment) Order,
2004, issued by the Central Government in terms of sub-section 4A of
section 227 of the Companies Act, 1956, (hereinafter referred to as the
ÂAct'') we give in an annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said order, to the extent applicable.
4 Further to our comments in the annexure referred to in paragraph (3)
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 accounts as required by law have
been kept by the Company, so far as appears from our examination of the
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 and Cash
Flow Statement dealt with by this report comply with the requirements
of Accounting Standards referred to in sub-section (3C) of Section 211
of the Act, to the extent applicable.
(e) On the basis of written representations received from the Directors
of the Company and taken on record by the Board of Directors, none of
the Directors is disqualified as on September 30, 2012 from being
appointed as a Director of the Company in terms of clause (g) of
sub-section (1) of Section 274 of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with ÂSignificant Accounting Policies & Notes to Accounts'' in
Notes Â2 & 3 '', 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 September 30, 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 case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS'' REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON SEPTEMBER 30, 2012
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
audit, we report that: -
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management according to a regular program of
verification which in our opinion is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies between book records and the physical inventory have been
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not been disposed off substantial part of
fixed assets during the year.
2. (a) As explained to us, the inventory of the Company has been
physically verified by the management at regular intervals during the
year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of the inventory
followed by the management is reasonable and adequate in relation to
the nature and size of the company and the nature of its business.
(c) 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. Discrepancies noticed on verification of inventory as
compared to book records were not material and these have been properly
dealt with in the books of accounts.
3. (a) In our opinion and according to the information and
explanations given to us, 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, 1956,
hence the provisions of Clause 4(iii) (a); (b); (c) and (d) of the
Companies (Auditors'' Report) (Amendment) Order, 2004 are not
applicable.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loans, secured or unsecured,
from companies, firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956, hence the
provisions of Clause 4(iii) (e) and (f) of the Companies (Auditors''
Report) (Amendment) Order, 2004 are not applicable.
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 for purchase and sale of fixed assets. Further, on the basis
of our examination and according to the explanations given to us, we
have neither come across nor have we been informed of any instance of
major weaknesses in the aforesaid internal control system of the
Company.
5. (a) All the transactions which are required to be entered in
register maintained in pursuance of section 301 of the act have been
duly entered.
(b) All the transactions have been made at a price which is reasonable
having regard to the nature of transaction and prevailing market price
at the time of transaction.
6. In our opinion and according to information given to us, the
Company has not accepted deposits from the public within the meaning of
Section 58A and 58AA of the Companies Act, 1956 and rules framed there
under.
7. In our opinion, the Company has an internal audit system, which is
commensurate with the size and nature of its business.
8. To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956, for any of the products manufactured by the Company.
9. (a) In our opinion and according to the information and
explanations given to us and according to the books and records as
produced and examined by us, the Company has generally been regular in
depositing undisputed statutory dues including Income-Tax, Wealth Tax,
Service Tax, Cess and any other statutory dues as applicable with the
appropriate authorities though there has been slight delay in a few
cases.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-Tax, Wealth
Tax, Service Tax, Cess and any other statutory dues as applicable,
outstanding as at the last day of the financial year concerned for a
period of more than six months from the date they became payable except
for the following Â
Name of Nature of Amount `
Statute Dues
Finance Act, Service Tax 906,092
1994 in terms of
Section 66A
of the Act
Income Tax Income Tax 10,424,43
Act, 1961 in relation to 1
AY 2012-13
Name Period to Due Date of
which the date payment
amount
relates
Finance Act, FY 2008-09 31/03/0 Not Paid till
9 date
Income Tax FY 2011-12 30/09/1 Not Paid till
2 date
(c) According to the records of the Company, there are no dues of
Income-tax, Service Tax, Cess and any other statutory dues as
applicable to it, which have not been deposited on account of any
dispute. 10. The Company does not have accumulated losses as at the
end of the financial year.
Further the company has not incurred cash losses in the current
financial year or in the immediately preceding previous financial year.
11. Based on our audit procedures and according to the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of its dues of any financial
institution or bank during the year.
12. Based on our audit procedures and according to the information and
explanations given by the management, we are of the opinion that 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 provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. Based on our examination of the records and documents of the
Company, and according to the information and explanation given to us,
we are of the opinion that the Company is not dealing or trading in
shares, securities, debentures and other investments, and therefore
Clause 4 (xiv) of the Companies (Auditors'' Report) (Amendment) Order,
2004 is not applicable.
15. Based on our examination of the records of the Company and
according to the information and explanation given to us, we are of the
opinion that the Company has not given guarantee for loans taken by
others from banks or financial institutions.
16. The Company has not obtained any term loans that were not applied
for the purposes for which these were raised.
17. Based on the information and according to the information and
explanations given to us and on an overall examination of the balance
sheet of the Company, in our opinion, there are no funds raised on a
short term basis which have been used for long term investment or vice
versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. Based upon audit procedures performed and information and
explanations given by the management of the Company, we report no fraud
on or by the Company has been noticed or reported during the course of
our audit.
Sd/-
Vikas Gupta
Partner,
M. No. 076879
For & on behalf of
Nangia & Co.
Chartered Accountants
Firm Registration # 002391C
Sep 30, 2011
1. We have audited the attached Balance Sheet of Financial Eyes
(India) Limited, New Delhi as at September 30, 2011 and the related
Profit and Loss Account and Cash Flow Statement for the period ended on
that date annexed thereto, which we have signed under reference to this
report. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates by
management, as well as evaluating the overall financial presentation.
We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors' Report) (Amendment) Order,
2004, issued by the Central Government in terms of sub-section 4A of
section 227 of the Companies Act, 1956, (hereinafter referred to as the
'Act') we give in an annexure, a statement on the matters specified in
paragraphs 4 and 5 of the said order, to the extent applicable
4. Further to our comments in the annexure referred to in paragraph
(3) 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 accounts as required by law have
been kept by the Company, so far as appears from our examination of the
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 and Cash
Flow Statement dealt with by this report comply with the requirements
of Accounting Standards referred to in sub-section (3C) of Section 211
of the Act, to the extent applicable.
(e) On the basis of written representations received from the Directors
of the Company and taken on record by the Board of Directors, none of
the Directors is disqualified as on September 30, 2011 from being
appointed as a Director of the Company in terms of clause (g) of
sub-section (1) of Section 274 of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with 'Significant Accounting Policies & Notes to Accounts' in
Schedule '16', 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 September 30, 2011;
(ii). in the case of the Profit and Loss Account, of the profit of the
Company for the period ended on that date; and
In the case of Cash Flow Statement, of the cash flows for the period
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED ON SEPTEMBER 30, 2011
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
audit, we report that:
1. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management according to a regular program of
verification which in our opinion is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies between book records and the physical inventory have been
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not been disposed off substantial part of
fixed assets during the period.
2. (a) As explained to us, the inventory of the Company has been
physically verified by the management at regular intervals during the
period. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of the inventory
followed by the management is reasonable and adequate in relation to
the nature and size of the company and the nature of its business.
(c) 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. Discrepancies noticed on verification of inventory as
compared to book records were not material and these have been properly
dealt with in the books of accounts.
3. (a) In our opinion and according to the information and
explanations given to us, 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, 1956,
hence the provisions of Clause 4(iii) (a); (b); (c) and (d) of the
Companies (Auditors' Report) (Amendment) Order, 2004 are not
applicable.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken any loans, secured or unsecured,
from companies, firms or other parties listed in the Register
maintained under Section 301 of the Companies Act, 1956, hence the
provisions of Clause 4(iii) (e) and (f) of the Companies (Auditors'
Report) (Amendment) Order, 2004 are not applicable.
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 for purchase and sale of fixed assets. Further, on the basis
of our examination and according to the explanations given to us, we
have neither come across nor have we been informed of any instance of
major weaknesses in the aforesaid internal control system of the
Company.
5. (a) All the transactions which are required to be entered in
register maintained in pursuance of section 301 of the act have been
duly entered.
(b) All the transactions have been made at a price which is reasonable
having regard to the nature of transaction and prevailing market price
at the time of transaction.
6. In our opinion and according to information given to us, the
Company has not accepted deposits from the public within the meaning of
Section 58A and 58AA of the Companies Act, 1956 and rules framed there
under.
7. In our opinion, the Company has an internal audit system, which is
commensurate with the size and nature of its business.
8. To the best of our knowledge and according to the information and
explanations given to us, the Central Government has not prescribed the
maintenance of cost records under Section 209(1) (d) of the Companies
Act, 1956, for any of the products manufactured by the Company
9. (a) In our opinion and according to the information and
explanations given to us and according to the books and records as
produced and examined by us, the Company has generally been regular in
depositing undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income-Tax, Wealth Tax, Service Tax, Cess
and any other statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Provident Fund,
Employees' State Insurance, Income-Tax, Wealth Tax, Service Tax, Cess
and any other statutory dues as applicable, outstanding as at the last
day of the financial period concerned for a period of more than six
months from the date they became payable except for the following :
Name of Nature of Dues Amount Rs Period to which the
Statute amount relates
Finance Act Service Tax in terms 906,092 FY 2008-09
1994 of Section 66A of the Act
Name of Statute Due Date Date of Payment
Finance Act 1994 31/03/09 Not Paid till date
(c) According to the records of the Company, there are no dues of
Provident Fund, Employees' State Insurance, Income-tax, Service Tax,
Cess and any other statutory dues as applicable to it, which have not
been deposited on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year. Further the company has not incurred cash losses in
the current financial period or in the immediately preceding previous
financial period.
11. Based on our audit procedures and according to the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of its dues of any financial
institution or bank during the period.
12. Based on our audit procedures and according to the information and
explanations given by the management, we are of the opinion that 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 provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. Based on our examination of the records and documents of the
Company, and according to the information and explanation given to us,
we are of the opinion that the Company is not dealing or trading in
shares, securities, debentures and other investments, and therefore
Clause 4 (xiv) of the Companies (Auditors' Report) (Amendment) Order,
2004 is not applicable.
15. Based on our examination of the records of the Company and
according to the information and explanation given to us, we are of the
opinion that the Company has not given guarantee for loans taken by
others from banks or financial institutions.
16. The Company has not obtained any term loans that were not applied
for the purposes for which these were raised.
17. Based on the information and according to the information and
explanations given to us and on an overall examination of the balance
sheet of the Company, in our opinion, there are no funds raised on a
short term basis which have been used for long term investment or vice
versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956 during the period.
19. The Company has not issued any debentures during the period.
20. The Company has not raised any money by public issue during the
period.
21. Based upon audit procedures performed and information and
explanations given by the management of the Company, we report no fraud
on or by the Company has been noticed or reported during the course of
our audit
Rakesh Nangia
Partner, M. No. 70776
For & on Behalf of
Nangia & Company
Chartered Accountants
Firm Registration # 002391C Signed at New Delhi on 29th
November 2011
Jun 30, 2010
1. We have audited the attached Balance Sheet of Financial Eyes
(India) Limited, New Delhi as at June 30, 2010 and the related Profit
and Loss Account and Cash Flow Statement for the year ended on that
date annexed thereto, which we have signed under reference to this
report. These financial statements are the re- sponsibility of the
Companys manage- ment. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally ac- cepted 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 in-
cludes examining on a test basis, evi- dence supporting the amounts and
dis- closures in the financial statements. An audit also includes
assessing the ac- counting principles used and significant estimates by
management, as well as evaluating the overall financial presenta- tion.
We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) (Amendment) Order,
2004, is- sued by the Central Government in terms of sub-section 4A of
section 227 of the Companies Act, 1956, (hereinafter re- ferred to as
the Act) we give in an an- nexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order, to the extent
applicable.
4. Further to our comments in the annex- ure referred to in paragraph
(3) 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 accounts as required by law have
been kept by the Company, so far as appears from our exami- nation of
the books;
(c) The Balance Sheet, Profit and Loss Ac- count 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 and Cash
Flow Statement dealt with by this report comply with the re- quirements
of Accounting Standards referred to in sub-section (3C) of Section 211
of the Act, to the extent applicable.
(e) On the basis of written representations received from the Directors
of the Company and taken on record by the Board of Direc- tors, none of
the Directors is disqualified as on June 30, 2010 from being appointed
as a Director of the Company in terms of clause (g) of sub-section (1)
of Section 274 of the Act.
(f) In our opinion and to the best of our infor- mation and according
to the explanations given to us, the said financial statements read
together with Significant Accounting Policies & Notes to Accounts in
Schedule 15, give the information required by the Act, in the manner
so required and give a true and fair view in conformity with the
accounting prin- ciples generally accepted in India:
(i). in the case of the Balance Sheet, of the state of affairs of the
Company as at June 30, 2010;
(ii). in the case of the Profit and Loss Ac- count, of the profit of
the Company for the year ended on that date; and
(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
(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 Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON JUNE 30, 2010
On the basis of such checks as we consid- ered appropriate and
according to the infor- mation and explanation given to us during the
course of audit, we report that: -
1. (a) The Company is maintaining proper records showing full
particulars, includ- ing quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed as- sets have been physically
verified by the management according to a regu- lar program of
verification which in our opinion is reasonable having regard to the
size of the Company and the na- ture of its assets. No material
discrep- ancies between book records and the physical inventory have
been noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not been disposed off any assets during
the year.
2. (a) As explained to us, the inventory of the Company has been
physically veri- fied by the management at regular in- tervals during
the year. In our opinion, the frequency of verification is reason-
able.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verifica- tion of the inventory
followed by the management is reasonable and ad- equate in relation to
the nature and size of the company and the nature of its business.
(c)On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintain- ing proper records of
inventory. Discrep- ancies noticed on verification of inven- tory as
compared to book records were not material and these have been prop-
erly dealt with in the books of accounts.
3. (a) In our opinion and according to the in- formation and
explanations given to us, the Company has not granted any loans, se-
cured or unsecured, to companies, firms or other parties listed in the
Register main- tained under Section 301 of the Compa- nies Act, 1956,
hence the provisions of Clause 4(iii) (a); (b); (c) and (d) of the Com-
panies (Auditors Report) (Amendment) Order, 2004 are not applicable.
(b) In our opinion and according to the in- formation and explanations
given to us, the Company has not taken any loans, se- cured or
unsecured, from companies, firms or other parties listed in the
Register main- tained under Section 301 of the Compa- nies Act, 1956,
hence the provisions of Clause 4(iii) (e) and (f) of the Companies
(Auditors Report) (Amendment) Order, 2004 are not applicable.
4. In our opinion and according to the infor- mation and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Com- pany and the nature of its
business for pur- chase and sale of fixed assets. Further, on the basis
of our examination and ac- cording to the explanations given to us, we
have neither come across nor have we been informed of any instance of
major weaknesses in the aforesaid internal con- trol system of the
Company.
5. (a) All the transactions which are required to be entered in
register maintained in pur- suance of section 301 of the Companiec Act,
1956 have been duly entered.
(b) All the transactions have been made at a price which is reasonable
having regard to the nature of transaction and prevailing market price
at the time of transaction.
6. In our opinion and according to informa- tion given to us, the
Company has not ac- cepted deposits from the public within the meaning
of Section 58A and 58AA of the Companies Act, 1956 and rules framed
there under.
7. In our opinion, the Company has an inter- nal audit system, which
is commensurate with the size and nature of its business.
8. To the best of our knowledge and ac- cording to the information and
explana- tions given to us, the Central Govern- ment has not prescribed
the mainte- nance of cost records under Section 209(1) (d) of the
Companies Act, 1956, for any of the products manufactured by the
Company.
9. (a) In our opinion and according to the information and
explanations given to us and according to the books and records as
produced and examined by us, the Company has generally been regular in
depositing undisputed statu- tory dues including Provident Fund, Em-
ployees State Insurance, Income-Tax, Wealth Tax, Service Tax, Cess and
any other statutory dues as applicable with the appropriate
authorities. (b) According to the information and ex- planations given
to us, there were no un- disputed amounts payable in respect of
Provident Fund, Employees State Insur- ance, Income-Tax, Wealth Tax,
Service Tax, Cess and any other statutory dues as applicable,
outstanding as at the last day of the financial year concerned for a
period of more than six months from the date they became payable except
for the following Ã
Name of Nature of Dues Amount Period to
which Due Date of
Statute the amount
re- date payment
lated
Finance Act Service Tax in 906,092 FY 2008-09 31/03/09 Not Paid
till date
terms of
Section 66A
of the Act
Wealth Tax
Act Wealth Tax 134,373 FY 2008-09 30/09/09 Paid on
August
28,2010
(c) According to the records of the Company, there are no dues of
Provident Fund, Employees State Insurance, Income-tax, Service Tax,
Cess and any other statutory dues as applicable to it, which have not
been deposited on account of any dispute.
10. The Company does not have accumulated losses more than fifty
percent of its net worth. The company has not incurred cash losses in
the current financial year and immediately preceding previous financial
year.
11. Based on our audit procedures and according to the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of its dues of any financial
institution or bank during the year.
12. Not applicable, as 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 provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. (xi) Based on our examination of the records and documents of the
Company, and according to the information and explanation given to us,
we are of the opinion that the Company is not dealing or trading in
shares, securities, debentures and other investments, and therefore
Clause 4 (xiv) of the Companies (Auditors Report) (Amendment) Order,
2004 is not applicable.
15. Based on our examination of the records of the Company and
according to the information and explanation given to us, we are of the
opinion that the Company has not given guarantee for loans taken by
others from banks or financial institutions.
16. The Company has not obtained any term loans that were not applied
for the purposes for which these were raised.
17. Based on the information and according to the information and
explanations given to us and on an overall examination of the balance
sheet of the Company, in our opinion, there are no funds raised on a
short term basis which have been used for long term investment or vice
versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. Based upon audit procedures performed and information and
explanations given by the management of the Company, we report no fraud
on or by the Company has been noticed or reported during the course of
our audit.
Sd/-
Rakesh Nangia
Partner
For & on behalf of
Nangia & Company
Chartered Accountants
Signed at New Delhi on 28th Aug., 2010