Mar 31, 2015
We have audited the accompanying financial statements of M/s HASTI
FINANCE LIMITED ("the Company") which comprise the Balance Sheet as at
31st March 2015, the Statement of Profit and Loss, the 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 :
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flow of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the financial
statements.
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 of the of the state of affairs of the
Company as at 31st March, 2015 and its Profit and its Cash Flows for
the year ended on that date.
Report on Other Legal and Regulatory Requirements :
1. As required by the Companies ( Auditors Report) Order, 2015 ( the
"Order") issued by the Central Government in terms of Section 143 (11)
of the Act, we give in the annexure a statement on the matters
specified in paragraph 3 & 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that :
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company does not have any pending litigations which would impact
its financial position. ii. The Company did not have any long-term
contracts including derivative contracts for which there were any
material for eseeable losses. iii. There has been no delay in
transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company Referred to in paragraph
1of the Independent Auditors Report of even date to the members of
HASTI FINANCE LIMITED on the financial statements for the year ended
31st March, 2015.
1) a) The Company has maintained proper records showing full
particulars including quantitative
details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
according to the regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. The discrepancies noticed on
such physical verification were not material and provided for in the
books of accounts of the company.
c) During the year, the company has not disposed off any substantial
part of fixed assets.
2) The company is not carrying any stock of finished goods, Stores,
parts & Raw material
3) a) The company has granted loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013, during the year.
No. of Parties Amount involved Balance as on 31.3.2015
( Rs. In Lacs) (Rs. In Lacs)
Two 220.24 220.24
b) There is no amount overdue for more than rupees one lakh.
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 Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across, nor have been
informed of, any continuing failur e to correct major weaknesses in the
aforesaid internal control system.
5) The company has not accepted any deposits from the public within the
meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed
there under to the extent notified.
6) The Central Government of India has not specified the maintenance of
cost records under sub- section (1) of Section 148 of the Act for any
of the products of the Company.
(a) According to the information and explanation given to us, except
for Self Assessment Tax for A.Y. 2012-13 of Rs. 53,75,902/- and TDS
payable Rs. 58,176/- there are no undisputed amounts payable in respect
of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Service Tax,
Investor Education and Protection Fund, Excise Duty, Cess and any other
statutory dues as at 31st March 2015 for a period of more than six
months from the date of becoming payable
(b) There are no amount required to be transferred by the Company to
the Investor Education and Protection Fund in accordance with the
provision of the Companies Act, 1956 and the rules made there under.
8) The company has no accumulated losses at the end of the financial
year and it has incurred cash losses in the financial year ended on
that date and has not incurred cash losses in the immediately preceding
financial year.
9) As the Company does not have any borrowing from any financial
institution or bank nor has it issued any debentures as at the Balance
Sheet date, the provision of Clause 3
(ix) of the Order are not applicable to the company.
10) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
Accordingly, the provisions of Clause 3
(x) of the Order are not applicable to the company.
11) The company has not raised any term loans. Accordingly, the
provisions of Clause 3
(xi) of the Order are not applicable to the Company.
12) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, notice or reported during the
year, nor have we been informed of any such case by the Management.
For Sandeep Rathi & Associates
Chartered Accountants
Firm Registration No.113728 W
Sd/-
Sandeep Rathi
Proprietor
Membership No. 047377
Place: Mumbai
Date: 30.05.2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Hasti
Finance Ltd. which comprise the Balance Sheet as at 31st March 2014 and
the Profit and Loss statement and Cash Flow statement for the year
ended on that date and summary of significant accounting policies and
other explanatory information. 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.
Management''s Responsibility for the Financial Statements :
2. 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"). 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 :
3. Our responsibility 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 :
4. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014 and,
b) in the case of the Profit and Loss statement, of the Profit of the
Company for the year ended on that date
c) in the case of the Cash Flow statement, of Cash Flows for the year
ended on that date Emphasis of Matter:
5. Without qualifying, we draw attention to Note No.26 regarding the
financial statements of the company.
"Out of the amount receivable a few accounts are in moratorium period,
as per Agreement with the borrowers, amount of interest accrued from
these accounts are recognized as income for current financial year
though not received."
Report on Other Legal and Regulatory Requirements :
6. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), 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.
7. As required by the section 227(3) of the Companies Act,1956, we
report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii. In our opinion proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet and the Profit and Loss statement and Cash Flow
statement dealt with by this Report are in agreement with the books of
account ;
iv. In our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act; and
v. On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors,
non of the directors is disqualified as on 31st March, 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 THE INDEPENDENT AUDITORS'' REPORT RE: HASTI FINANCE LIMITED
Referred to in paragraph 1 of our report of even date
1 a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
according to the regular programme of periodic verification in a phased
manner which in our opinion is reasonable having regard to the size of
the company and nature of fixed assets. No material discrepancies were
noticed on such verification.
c) During the year, the company has not disposed off any Fixed Assets,
hence the sub clause (c ) of the clause 1 of the order is not
applicable.
2 The company is not carrying any stock of finished goods, Stores,
parts & Raw material.
3 a) The company has granted loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Act.
No. of Parties Amount involved Balance as on 31.3.2014
( Rs. In Lacs) (Rs. In Lacs)
Two 199.93 199.93
b) There is no amount overdue for more than rupees one lakh.
c) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4 In our opinion, there were generally adequate internal control
procedure commensurate with the size of the company and nature of its
business for its income from operation. The management has initiated a
programme to improve and rectify the internal control weaknesses
noticed during the course of our audit.
5
a) In our opinion and according to the information and explanations
given to us, we are of opinion that the transactions that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained Under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
6 The Company has not accepted any deposits within the meaning of the
Section 58A, 58AA or any other relevant provisions of the Act.
7 In our opinion, it is desirable that the Company has an internal
audit system commensurate with the size and nature of its Business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 for the activities
of the company.
9 According to the information and explanation given to us, except for
Self Assessment Tax for A.Y. 2012-13 of Rs. 53,75,902/-, TDS payable
Rs. 75,030/- & Profession Tax of Rs. 28,335/- there are no undisputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Service Tax, Investor Education and Protection Fund, Excise Duty,
Cess and any other statutory dues as at 31st March 2014 for a period of
more than six months from the date of becoming payable,
10 The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11 During the year there were no any dues repayable to banks.
12 The Company has not granted any 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 or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14 The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15 According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16 During the year there were no term loans availed by the company.
17 In our opinion and according to the information and explanation
given to us, the company has not raised any funds on a short-term
basis, which have been used for long-term investment during the year.
18 During the year, 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.
19 There are no debentures issued and outstanding during the year and
hence the provisions of clause 4(xix) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
20 The Company has not raised any money by way of public issues during
the year.
21 Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed for reported during the year.
For Sandeep Rathi & Associates
Chartered Accountants
Sd/-
Sandeep Rathi
Proprietor
Mumbai, 01st July, 2014
Mar 31, 2011
We have audited the attached balance sheet of Hasti Finance Limited as
at 31st March 2011, Profit and Loss account annexed thereto and also
the 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.
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.
We report that:
1. 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 have annexed a statement
on the matters specified in the paragraph 4 & 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
report;
ii) 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;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts;
iv) In our opinion, the Balance Sheet and Profit and Loss Account are
in compliance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the companies Act, 1956;
v) On the basis of written representations received from Directors as
on 31st March 2011, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2011
from being appointed as a director of the Company in terms of section
274 (1) (g) of the Act.
vi) In our opinion and to the best of our information and according the
explanation given to us, the accounts and notes on 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:
a) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2011;
b) in the case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date; and
c) in the case of Cash Flow Statement of the cash flows of the company
for the year ended on that date.
Annexure to the Auditors' Report
Re: Hasti Finance Limited
Referred to in paragraph 1 of our report of even date
1 a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. b) The
fixed assets have been physically verified by the management according
to the regular programme of periodic verification in a phased manner
which in our opinion is reasonable having regard to the size of the
company and nature of fixed assets. According to the information and
explanation given to us, no material discrepancies were noticed on such
physical verification.
c) During the year, the company has not disposed off any Fixed Assets,
hence the sub clause (c ) of the clause 1 of the order is not
applicable.
2 The company is not carrying any stock of finished goods, Stores,
parts & Raw material.
3 a) The company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
No. of Parties Amount involved Balance as on
(Rs. In Lacs) 31.3.2011 (Rs. In Lacs)
Two 543.86 327.68
b) There is no amount overdue for more than rupees one lakh.
c) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4 In our opinion, there were generally adequate internal control
procedure commensurate with the size of the company and nature of its
business for its income from operation. The management has initiated a
programme to improve and rectify the internal control weaknesses
noticed during the course of our audit.
5 a) In our opinion and according to the information and explanations
given to us, we are of opinion that the transactions that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained Under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
6 The Company has not accepted any deposits within the meaning of the
Section 58A, 58AA or any other relevant provisions of the Act.
7 In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its Business.
8 The Central Government has not prescribed maintenance of cost records
under section 209(1)(d) of the Companies Act, 1956 for the activities
of the company.
9 According to the information and explanation given to us, there are
no undisputed amounts payable in respect of Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection
Fund, Excise Duty, Cess and any other statutory dues as at 31st March
2011.
10 The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11 During the year there were no any dues repayable to banks.
12 The Company has not granted any 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 or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14 The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15 According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions
16 During the year there were no term loans availed by the company.
17 In our opinion and according to the information and explanation
given to us, the company has not raised any funds on a short-term
basis, which have been used for long-term investment during the year.
18 During the year, Company has made preferential allotment of shares
to parties covered in the register maintained under Section 301 of the
Companies Act, 1956, and the price at which the share have been issued
is not prejudicial to the interest of the company.
19 There are no debentures issued and outstanding during the year and
hence the provisions of clause 4(xix) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
20 The Company has not raised any money by way of public issues during
the year.
21 Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed for reported during the year.
For Sandeep Rathi & Associates
Chartered Accountants
Sd/-
Sandeep Rathi
Proprietor
Firm Registration No.113728 W
Membership No. 047377
Place: Mumbai
Date : 30th June 2011.
Mar 31, 2010
We have audited the attached balance sheet of Hasti Finance Limited as
at 31st March 2010, Profit and Loss account annexed thereto and also
the 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.
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.
We report that:
1. As required by the Companies (Auditors 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 have annexed a statement on
the matters specified in the paragraph 4 & 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
report;
ii) 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;
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts;
iv) In our opinion, the Balance Sheet and Profit and Loss Account are
in compliance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the companies Act, 1956;
v) On the basis of written representations received from Directors as
on 31st March 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director of the Company in terms of section
274 (1) (g) of the Act.
vi) In our opinion and to the best of our information and according the
explanation given to us, the accounts and notes on 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:
a) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March 2010;
b) in the case of Profit and Loss Account, of the Profit of the Company
for the year ended on that date; and
c) in the case of Cash Flow Statement of the cash flows for the year
ended on that date.
Annexure to the Auditors Report Re: Hasti Finance Limited
Referred to in paragraph 1 of our report of even date
1 a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. b) The
fixed assets have been physically verified by the management according
to are regular programme of periodic verification in a phased manner
which in our opinion is reasonable having regard to the size of the
company and nature of fixed assets. The discrepancies noticed on such
physical verification were not material and provided for in the books
of accounts of the company. c) During the year, the company has
disposed off Fixed Assets which were movable and therefore do not
effect going concern status.
2 The company is not carrying any stock of finished goods, Stores,
parts & Raw material.
3 a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
b) There is no amount overdue for more than rupees one lakh.
c) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4 In our opinion, there were generally adequate internal control
procedure commensurate with the size of the company and nature of its
business for its income from operation. The management has initiated a
programme to improve and rectify the internal control weaknesses
noticed during the course of our audit.
5 There are no transactions that need to be entered into the register
maintained under Section 301 of the Act.
6 The Company has not accepted any deposits within the meaning of the
Section 58A, 58AA or any other relevant provisions of the Act.
7 In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its Business.
8 The Central Government has not prescribed maintenance of cost records
under section
209(l)(d) of the Companies Act, 1956 for the activities of the company.
9 According to the information and explanation given to us, there are
no undisputed amounts payable in respect of Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Service Tax, Investor Education and Protection
Fund, Excise Duty, Cess and any other statutory dues as at 31st March
2010.
10 The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11 During the year there were no any dues repayable to banks.
12 The Company has not granted any 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 or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(viii) of
the companies (Auditors Report) order, 2003 are not applicable to the
company.
14 The Company has maintained proper records of transaction and
contracts in respect of Investments in securities and timely entries
have been made therein. All Investments at the close of the year have
been held in name of the company.
15 According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions
16 During the year there were no term loans availed by the company.
17 In our opinion and according to the information and explanation
given to us, the company has not raised any funds on a short-term
basis, which have been used for long-term investment during the year.
18 During the year, 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.
19 There are no debentures issued and outstanding during the year and
hence the provisions of clause 4(xix) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
20 The Company has not raised any money by way of public issues during
the year.
21 Based upon the audit procedures performed and according to 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.
For Sandeep Rathi & Associates
Chartered Accountants
Sd/-
Sandeep Rathi
Proprietor
Firm Registration No. 113728 W
Membership No. 047377
Place: Mumbai
Date : 28th August,2010.