Mar 31, 2014
We have audited the accompanying financial statements of Kumbhat
Financial Services Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2014. and the Statement of Profit and Loss and
Cash Flow Statement T 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 fin.ncial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in Section 133 of the Companies
Act, 2013 ( the Act ) in terms of General circular 15/2013 dated 13th
September, 2013 and in accordance with the generally accepted
accounting principles in India . This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements thgt give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
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 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;
b) in the case of the Statement of Profit and Loss, 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 & 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
section 133 of the Companies Act, 2013; in terms of General Circular No
15/2013 dated 13,h September,2013 of the Ministry of corporate Affairs.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31.2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN
PARA ''V OF OUR REPORT OF EVEN DATE
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Kumbhat Financial Services Limited on the accounts of
the company for the year ended 31** March, 2014.
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 has maintained 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, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption. -
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals. Shares held
in demat form have been duly confirmed by the Depository.
(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) In our opinion and on the basis of our examination of the records,
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. And also the Company has
stock in trade of shares which Is lying with and confirmed by the
depository.
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
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. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans.from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there 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 shares.. 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 Act does not exceeds five lakhs rupees in a financial year
therefore requirement of reasonableness of transactions does not arise.
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, tfie
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act are not applicable to 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 regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31" of
March. 2014 for a period of more than six months from the date they
became payable.
(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.
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 of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in this regard & further
investments specified are held in their own name.
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 report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31"
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
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 KRISHNAN & GIRI
Chartered Accountants
Chennai R. Saptagiri
Date: 25/08/2014 Partner
M No:38623
Mar 31, 2012
We have audited the attached Balance Sheet of KUMBHAT FINANCIAL
SERVICES LIMITED, CHENNAI as at 31th March 2012 the Profit and Loss
Account and 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
1 We conducted our audit in accordance with the auditing standards
generally accepted in India These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatements 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2 As required by the Companies (Auditor''s Report), Order 2003 issued by
the Central Government in terms of Section 227(4A) of the Companies
Act, 1956. we enclose in the annexure a statement on the matters
specified in paragraphs 4 & 5 of the said order
3 Further as required by the Non-Banking Financial Companies Auditor''s
Report (Reserve Bank) '' Directions 1998, vide Notification No.DFC
114/DG(SPT)-98 dated January 2~ 1998. we enclose in the Annexure a
statement on the matters specified in paragraphs 3 of the said
notification
4 Further to our comments in the annexure referred to in paragraph T
above we report that
a) We have obtained all the information and explanations which to the
best to 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 such
books
c ) The Balance Sheet, Profit and Loss Account and cash flow statement
are in agreement with the books of accounts
d) In our opinion the the Balance Sheet. Profit and Loss Account and
Cash flow statement comply with the Accounting Standards referred to in
sub section (3C) of Section 211 of the Companies Act, 1956 .
e) On the basis of the information and explanations given to us and
representations obtained by the company there are no directors of the
company who. as at 31* March 2012. are disqualified under section
274{1)(g) of the Companies Act,1956, from being appointed as Directors.
f) In our opinion and to the best of our information and according to
the explanations given to us the said account read along with the notes
thereon give the information required by the Companies Act, 1956 in the
manners required and also give a true and fair view tn conformity with
the accounting principles generally accepted in India
i) In so far as it relates to the Balance Sheet of the state of affairs
of the Company as at 31st March, 2012 and
ii) In so far as it relates to the Profit and Loss Account of the
Profit of the Company for the year ended on that date.
iii)'' In so far as it relates to the Cash flow statement, of the cash
flow for the year ended on that date.
KUMBHAT FINANCIAL SERVICES LIMITED, CHENNAI ANNEXURE REFERRED TO IN
PARA ''2'' OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records showing lull particulars
including quantitative details and situation of Fixed Assets. Al! the
assets have been physically verified by the management during the year
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No serious discrepancies were
noticed on such verification. None of the Fixed Assets were disposed
off during the year and therefore do not affect the going concern
status of the Company.
2. The stock of Shares were physically verified by the management at
the year-end. As per the information given to us, the procedure of
physical verification of stocks followed by the management is in our
opinion reasonable and adequate in relation to the size of the company
and nature of its business
On the basis of our examination of stock records, it is found that the
some have been properly maintained and as per the explanations given to
us, no material discrepancies have been noticed on physical
verification as compared to book records.
3. In our opinion, the company has not taken / granted loans during
the year from / to patties listed in the register maintained under
section 301 of the Companies Act, 1956.
4. In our opinion and in accordance with the information and
explanations given to us, there are adequate internal control procedure
commensurate with the size of the company and nature of its business,
for purchases of inventory and fixed assets and with regard to the sale
of goods.
5 In our opinion, and according to the information and explanations
given to us, there are no transactions for purchase / sale of goods,
services made in purchase of contracts or arrangements required to be
entered in the register maintained under section 301 of the register,
aggregating during the year to Rs.5,00,000/- or more in respect of each
party.
6. In our opinion, and according to the information and explanations
given to us. the company has not accepted any deposits from public.
7. In our opinion, the company does have an an internal audit system,
the scope and coverage of which needs to be strengthened to make it
commensurate with the size and nature of its business.
8. The Company is not required to maintain any cost records as
prescribed by the Central Government under section 209{1 )(d) of the
Companies Act, 1956 as the same is not applicable to the Company.
9. According to the explanations given to us, the provisions of the
Employees Provident Fund and Miscellaneous Provisions Act. 1952 and
Employees State Insurance Act, 1918 are not applicable to the Company.
10. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Sales Tax, Customs Duty
and Excise Duty as at 31st March, 2011. for a period of more than six
months from the date they became payable. Further, according to the
information and explanations give to us, there are no disputed
statutory dues pending payment.
11. On the basis of the financial statements, the company does not have
accumulated loss nor has it incurred cash loss during the year as well
as in the immediately preceding financial year.
12. The Company has not issued any debentures. According to the records
of the Company examined by us, the Company has not availed any term
loan or working capital limits from any bank of financial institution.
13 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4(xh) of the Order is not applicable.
14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a
Society. Accordingly, clause 4(xiii) of the order is not applicable.
15. According to the information and the explanations given to us and
based on the records examined by us, the company is maintaining proper
records in respect of the shares dealt and the said investments
(subject to note on investment) have been held by the company in its
own name as per the provisions of the Section 49 of the Companies Act,
1956.
16. On the basis of reformation and explanations given to us, the
company has not given guarantee to any Bank or Financial Institution on
behalf of other parties.
17. The Company has not taken any term loans. Hence clause (xvi) of
para''4(A) is not applicable.
18. On the basis of our examination of the books of account and the
information and explanation given to us, in our opinion, the funds
raised on short term bastes have not been used for long term investment.
19. The Company has not made any preferential allotment of shares to
any party listed in the register maintained under section 301 of the
Companies Act. 1956 Hence clause 4(xviii) of the Order is not
applicable.
20. The Company has not issued debentures. Hence, clause 4(xix) of the
Order is not applicable.
21. The Company has not raised any money by way of public issues
during the year. Hence clause 4(xx) of the Order is not applicable.
22 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year.
for KRISHNAN & GIRI
Chartered Accountants
Chennai R. Saptagiri
Date : 22nd August 2012 Partner
M No: 38623
Firm No: 001512S
Mar 31, 2011
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatements. 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report), Order 2003 issued
by the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in the annexure a statement on the matters
specified in paragraphs 4 & 5 of the said order.
3. Further as required by the Non-Banking Financial Companies
Auditor's Report (Reserve Bank) Directions, 1998, vide Notification
No.DFC.114/DG(SPT)-98 dated January 2nd 1998, we enclose in the
Annexure a statement on the matters specified in paragraphs 3 of the
said notification.
4. Further to our comments in the annexure referred to in paragraph
'1' above we report that:
a) We have obtained all the information and explanations which to the
best to 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 such
books.
c ) The Balance Sheet, Profit and Loss Account and cash flow statement
are in agreement with
the books of accounts.
d) In our opinion, the the Balance Sheet, Profit and Loss Account and
Cash flow statement comply with the Accounting Standards referred to in
sub section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of the information and explanations given to us and
representations obtained by the company there are no directors of the
company who, as at 31st March 2011, are disqualified under section
274(1)(g) of the Companies Act,1956, from being appointed as Directors.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account read along with the
notes thereon give the information required by the Companies Act, 1956
in the manners required and also give a true and fair view in
conformity with the accounting principles generally accepted in India.
i) In so far as it relates to the Balance Sheet of the state of affairs
of the Company as at 31st March, 2011 and
ii) In so far as it relates to the Profit and Loss Account of the
Profit of the Company for the year ended on that date.
iii) In so far as it relates to the Cash flow statement, of the cash
flow for the year ended on that date.
ANNEXURE REFERRED TO IN PARA '2' OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets. Ail the
assets have been physically verified by the management during the year
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No serious discrepancies were
noticed on such verification. None of the Fixed Assets were disposed
off during the year and therefore do not affect the going concern
status of the Company.
2. The stock of Shares were physically verified by the management at
the year-end. As per the information given to us, the procedure of
physical verification of stocks followed by the management is in our
opinion reasonable and adequate in relation to the size of the company
and nature of its business.
On the basis of our examination of stock records, it is found that the
same have been properly maintained and as per the explanations given to
us, no material discrepancies have been noticed on physical
verification as compared to book records.
3. In our opinion, the company has not taken / granted loans during
the year from / to parties listed in the register maintained under
section 301 of the Companies Act, 1956.
4. In our opinion and in accordance with the information and
explanations given to us, there are adequate internal control procedure
commensurate with the size of the company and nature of its business,
for purchases of inventory and fixed assets and with regard to the sale
of goods.
5. In our opinion, and according to the information and explanations
given to us, there are no transactions for purchase / sale of goods,
services made in purchase of contracts or arrangements required to be
entered in the register maintained under section 301 of the register,
aggregating during the year to Rs.5,00,000/- or more in respect of each
party.
6. In our opinion, and according to the information and explanations
given to us, the company has not accepted any deposits from public.
7. In our opinion, the company does have an an internal audit system,
the scope and coverage of which needs to be strengthened to make it
commensurate with the size and nature of its business.
8. The Company is not required to maintain any cost records as
prescribed by the Central Government under section 209(1 )(d) of the
Companies Act, 1956 as the same is not applicable to the Company.
9. According to the explanations given to us, the provisions of the
Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
Employees State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Sales Tax, Customs Duty
and Excise Duty as at 31st March, 2011, for a period of more than six
months from the date they became payable. Further, according to the
information and explanations give to us, there are no disputed
statutory dues pending payment.
11. On the basis of the financial statements, the company does not
have accumulated loss nor has it incurred cash loss during the year as
well as in the immediately preceding financial year.
12. The Company has not issued any debentures. According to the
records of the Company examined by us, the Company has not availed any
term loan or working capital limits from any bank of financial
institution.
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4(xii) of the Order is not applicable.
14. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a
Society. Accordingly, clause 4(xiii) of the order is not applicable.
15. According to the information and the explanations given to us and
based on the records examined by us, the company is maintaining proper
records in respect of the shares dealt and the said investments
(subject to note on investment) have been held by the company in its
own name as per the provisions of the Section 49 of the Companies Act,
1956.
16. On the basis of information and explanations given to us, the
company has not given guarantee to any Bank or Financial Institution on
behalf of other parties.
17. The Company has not taken any term loans. Hence clause (xvi) of
para'4(A) is not applicable.
18. On the basis of our examination of the books of account and the
information and explanation given to us, in our opinion, the funds
raised on short term basis have not been used for long term investment.
19. The Company has not made any preferential allotment of shares to
any party listed in the register maintained under section 301 of the
Companies Act, 1956. Hence clause 4(xviii) of the Order is not
applicable.
20. The Company has not issued debentures. Hence, clause 4(xix) of the
Order is not applicable.
21. The Company has not raised any money by way of public issues
during the year. Hence clause 4(xx) of the Order is not applicable.
22. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
for KRISHNAN & GIRI
Chartered Accountants
Chennai R. Saptagiri
Date : 19th August 2011 Partner
M No: 38623
Firm No: 001512S
Mar 31, 2010
We have audited the attached Balance Sheet of KUMBHAT FINANCIAL
SERVICES LIMITED, CHENNAI as at 31st March, 2010 the Profit and Loss
Account and 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.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatements. 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report), Order 2003 issued
by the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we enclose in the annexure a statement on the matters
specified in paragraphs 4 & 5 of the said order.
3. Further as required by the Non-Banking Financial Companies
Auditors Report (Reserve Bank) Directions, 1998, vide Notification
No.DFC.114/DG(SPT)-98 dated January 2nd 1998. we enclose in the
Annexure a statement on the matters specified in paragraphs 3 of the
said notification.
4. Further to our comments in the annexure referred to in paragraph
1 above we report that:
a) We have obtained all the information and explanations which to the
best to 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 such
books.
c) The Balance Sheet . Profit and Loss Account and cash flow statement
are in agreement with the books of accounts.
d) In our opinion, the the Balance Sheet, Profit and Loss Account and
Cash flow statement comply with the Accounting Standards referred to in
sub section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of the information and explanations given to us and
representations obtained by the company there are no directors of the
company who, as at 31st March 2010, are disqualified under section
274(1 )(g) of the Companies Act.1956. from being appointed as
Directors.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said account read along with the
notes thereon give the information required by the Companies Act, 1956
in the manners required and also give a true and fair view in
conformity with the accounting principles generally accepted in India.
i) In so far as it relates to the Balance Sheet of the state of affairs
of the Company as at 31st March. 2010 and
ii) In so far as it relates to the Profit and Loss Account of the
Profit of the Company for the year ended on that date.
iii) In so far as it relates to the Cash flow statement, of the cash
flow for the year ended on that date.
ANNEXURE REFERRED TO IN PARA 2 OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets. All the
assets have been physically verified by the management during the year
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No serious discrepancies were
noticed on such verification. None of the Fixed Assets were disposed
off during the year and therefore do not affect the going concern
status of the Company.
2. The stock of Shares were physically verified by the management at
the year-end. As per the information given to us, the procedure of
physical verification of stocks followed by the management is in our
opinion reasonable and adequate in relation to the size of the company
and nature of its business.
On the basis of our examination of stock records, it is found that the
same have been properly maintained and as per the explanations given to
us, no materia! discrepancies have been noticed on physical
verification as compared to book records.
3. In our opinion, the company has not taken / granted loans during
the year from / to parties listed in the register maintained under
section 301 of the Companies Act.. 1956.
4. In our opinion and in accordance with the information and
explanations given to us. there are adequate internal control procedure
commensurate with the size of the company and nature of its business,
for purchases of inventory and fixed assets and with regard to the sale
of goods.
5. in our opinion, and according to the information and explanations
given to us, there are no transactions for purchase / sale of goods,
services made in purchase of contracts or arrangements required to be
entered in the register maintained under section 301 of the register,
aggregating during the year to Rs.5.00,000/- or more in respect of each
party.
6. In our opinion, and according to the information and explanations
given to us, the company has not accepted any deposits from public.
7. In our opinion, the company does have an an internal audit system,
the scope and coverage of which needs to be strengthened to make it
commensurate with the size and nature of its business.
8. The Company is not required to maintain any cost records as
prescribed by the Central Government under section 209(1 )(d) of the
Companies Act, 1956 as the same is not applicable to the Company.
9. According to the explanations given to us, the provisions of the
Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
Employees State Insurance Act, 1948 are not applicable to the Company.
10. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Sales Tax, Customs Duty
and Excise Duty as at 31st March, 2010, for a period of more than six
months from the date they became payable. Further, according to the
information and explanations give to us, there are no disputed
statutory dues pending payment.
11. On the basis of the financial statements, the company does not
have accumulated loss nor has it incurred cash loss during the year as
well as in the immediately preceding financial year.
12. The Company has not issued any debentures According to the records
of the Company examined by us, the Company has not availed any term
loan or working capital limits from any bank of financial institution
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4(xii) of the Order is not applicable.
14. The Company is not a Chit Fund. Nidhi Mutual Benefit Fund or a
Society. Accordingly. clause 4(xiii) of the order is not applicable.
15. According to the information and the explanations given to us and
based on the records examined by us. the company is maintaining proper
records in respect of the shares dealt and the said investments
(subject to note on investment) have been held by the company in its
own name as per the provisions of the Section 49 of the Companies Act,
1956.
16. On the basis of information and explanations given to us. the
company has not given guarantee to any Bank or Financial Institution on
behalf of other parties.
17 The Company has not taken any term loans. Hence clause (xvi) of para
4(A) is not applicable.
18. On the basis of our examination of the books of account and the
information and explanation given to us. in our opinion, the funds
raised on short, term basis have not been used for long term
investment.
19 The Company has not made any preferential allotment of shares to any
party listed in the register maintained under section 301 of the
Companies Act. 1956. Hence clause 4(xviii) of the Order is not
applicable.
20. The Company has not issued debentures. Hence, clause 4(xix) of the
Order is not applicable.
21 The Company has not raised any money by way of public issues during
the year. Hence clause 4(xx) of the Order is not applicable.
22. According to the information and explanations given to us. no fraud
on or by the company has been noticed or reported during the year.
for KRISHNAN & GIRI
Chartered Accountants
Chennai R.Saptagiri
Date : 30th June, 2010. Partner
Membership No.38623
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