Mar 31, 2015
We have audited the accompanying standalone financial statements of
MATHEW EASOW RESEARCH SECURITIES LIMITED ("the Company"), which
comprise the Balance Sheet as at March 31, 2015, the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Managements Responsibility for the Standalone 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 and presentation of these standalone 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 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 standalone
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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 state of affairs of the company as
at 31st March, 2015, and its profits and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 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 appears from our examination of those
books;
c. the Balance Sheet, the 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 aforesaid standalone 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 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 164(2) of the Act; and
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 has does not have any pending litigations and hence
there is no disclosure of the same in its standalone financial
statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
-(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act, and therefore, the provisions of clauses
(iii)(a) & (iii)(b) of the Order are not applicable to the Company.
(iv) 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 shares and
securities. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) According to the information and explanation given to us, the
Company has not accepted any deposits from the public within the
meaning of sections 73 to 76 of the Companies Act, 2013 and the rules
framed there under.
(vi) The Company is not required to maintain cost records as prescribed
by the Central Government under sub-section (1) of section 148 of the
Act.
(vii) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees, state insurance, income-tax, sales-tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-
tax, sales-tax, wealth tax, service-tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute.
(c) The company is not required to transfer any amount to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act and rules made there under.
(viii) The Company does not have accumulated losses and has not
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) The company has taken new term loans during the year and such new
term loans have been applied for the purpose for which they were
raised.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For BHANDARI B. C. & CO.
Chartered Accountants
Firm Registration No.311082E
B.C. Bhandari, FCA
Kolkata Partner
28th May, 2015 ICAI Membership No.50196
Mar 31, 2014
We have audited the accompanying financial statements of MATHEW EASOW
RESEARCH SECURITIES LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31,2014, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013. 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we 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 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:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 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 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
section 211(3C) of 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;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT
Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements of the Auditors'' Report of even date to the members of
Mathew Easow Research Securities Limited on the financial statements
for the year ended 31st March, 2014.
(i) (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) As explained to us, inventories in the form of Shares and
Securities have been verified by the management at reasonable intervals
to the extent possible and practical.
(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 were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) (a) 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) 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.
(iv) 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 shares and
securities. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to information and explanations given to us, the
particular 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) According to information and explanations given to us, transactions
made in pursuance of such contracts or arrangements have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
(vii) In our opinion, the Company has proper and adequate internal
audit system commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub- section (1) of section 209
of the Act.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, income- tax, sales-tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-
tax, sales-tax, wealth tax, service-tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute.
(x) The Company does not have any accumulated losses as at the end of
the year. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
(xiv) Based on our examination of the records and evaluation of the
related internal control, the Company has maintained proper records of
transactions and contracts in respect of its dealing in shares,
securities, debentures and other investments and timely entries have
been made therein. The aforesaid securities have been held by the
Company, in its own name, except to the extent of the exemption granted
under section 49 of the Companies Act, 1956.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The Company has not taken new term loans during the year.
(xvii) The Company did not raise any fund on short-term basis.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(xix) The Company has not issued debentures.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For BHANDARI B. C. & CO.
Chartered Accountants
Firm Registration No.311082E
B.C. Bhandari, FCA
Kolkata Partner
29th day of May, 2014 ICAI Membership No.50196
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of MATHEW EASOW
RESEARCH SECURITIES LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (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 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:
a. in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2013;
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 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 section 211(3C) of the Act;
e. on the basis of Written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified a"s on March 31, 201 3, 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 AUDITORS'' REPORT
Referred to tn paragraph 5 of the Auditors'' Report of even date to the
members of Mathew Easow Research Securities Limited on the financial
statements for the year ended 31st March, 2013.
(i) (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) As explained to us. inventories in the form of Shares and
Securities have been verified by the management at reasonable intervals
to the extent possible and practical.
(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 were reasonable and adequate in relation to
the size of the company and the nature of its business.
{c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(in) (a) 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) 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.
[ivl 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 shares and
securities. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us. we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
M (a) According to information and explanations given to us, the
particular 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) According to information and explanations given to us, transactions
made in pursuance of such contracts or arrangements have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time,
(vi) The Company has not accepted any deposits from the pubfic within
the meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
(vii) In our opinion, the company has proper and adequate internal
audit system commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section [1}of section 209 of
the Act.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us. in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, sales-tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-
tax, sales-tax, wealth tax, service-tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute.
(x) The Company does not have any accumulated losses as at the ended of
the year. The company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Provisions of any speciat statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
company.
(xiv) Based on our examination of the records and evaluation of the
related internal control, the company has maintained proper records of
transactions and contracts in respect of its dealing in shares,
securities, debentures and other investments and timely entries have
been made therein. The aforesaid securities have been held by the
company, in its own name, except to the extent of the exemption granted
under section 49 of the Companies Act, 1956.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The company has taken new term loans during the year and such
have been applied for the purpose for which they were raised.
[xvii) The company did not raise any fund on short-term basis.
(xviii) The company has not made any preferential allotment of shares
during the year,
(xix) The company has not issued debentures.
{xx) The company has not raised any money by public issues during the
year.
(xxi) 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For BHANDAR! B. C. & CO.
Chartered Accountants
Firm Registration No.311082E
B.C. Bhandari, FCA
Partner
ICAI Membership No.50196
Kotkata, 30th day of May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Mathew Easow Research
Securities Limited as at 31st March' 2012' the Statement of Profit and
Loss and the 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 onouraudit.
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 made
by management' as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order' 2003' as
amended by Companies (Auditor's Report) (Amendment) Order. 2004
(together the 'Order')' issued by the Central Government of India
in terms of Section 227(4A) of the Companies Act. 1956 and on the basis
of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us' we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order:
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 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 dealt with by this report comply with the
accounting standards referred to in section 211 (3C) of the Companies
Act' 1956.
(e) On the basis of written representations received from the
Directors' as on 31st march' 2012 and taken on record by the Board of
Directors' none of the Directors is disqualified as on 31st March' 2012
from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act. 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us. the said financial statements together
with Notes thereon and attached thereto give' in the prescribed manner'
the information required by the Companies Act. 1956. 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 31 st March' 2012:
(ii) in the case of the Statement of Profit and Loss' of the PROFIT for
the year ended on that date; and
(iii)in the case of the Cash Flow Statement' of the cash flows for the
year ended on that date.
Annexure to Auditors' Report
Referred to in paragraph 3 of the Auditors' Report of even date to the
members of Mathew Easow Research Securities Limited on the financial
statements for the year ended 31st March' 2012.
(i) (a) Company is maintaining proper records showing full particulars'
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and physical inventory have been noticed. In our
opinion' the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us' a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) As explained to us' inventories in the form of Shares and
Securities have been verified by the management at reasonable intervals
to the extent possible and practical.
(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 were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us' the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) (a) 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) 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.
(iv) 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
explanation given to us' we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to information and explanations given to us' the
particular 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) According to information and explanations given to us' transactions
made in pursuance of such contracts or arrangements have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA of the Companies Act' 1956 and the
rules framed there under.
(vii) In our opinion' the company has proper and adequate internal
audit system commensurate with its size and nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us' in our opinion' the Company
is generally regular in depositing the undisputed statutory dues
including provident fund' investor education and protection fund'
employees' state insurance' income-tax. sales-tax. wealth tax' service
tax' customs duty' excise duty' cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us' there are no dues of income- tax
sales-tax' wealth tax' service-tax. customs duty' excise duty and cess
which have not been deposited on account of any dispute. .
(x) The Company does not have any accumulated losses as at the ended of
the year. The company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us. the Company has not defaulted in repayment of dues to any
financial institutions' banks and debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares' debentures and other
securities.
(xiii) The Provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
company.
(xiv) Based on our examination of the records and evaluation of the
related internal control' the company has maintained proper records of
transactions and contracts in respect of its dealing in shares'
securities' debentures and other investments and timely entries have
been made therein. The aforesaid securities have been held by the
company' in its own name' except to the extent of the exemption granted
under section 49 of the Companies Act' 1956.
(xv) According to the information and explanations given to us' the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The company has not taken any term loans.
(xvii) The company did not raise any fund on short-term basis.
(xviii) The company has not made any preferential allotment of shares
during the year.
(xix) The company has not issued debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) 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
fraud on or by the Company' noticed or reported during the year' nor
have we been informed of such case by the Management.
For BHANDARI B. C. & CO.
Chartered Accountants
Firm Registration No. 311082E
B. C. Bhandari' FCA
Partner
ICAI Membership No: 50196
Kolkata' May 30' 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Mathew Easow Research
Securities Limited as at 31st March, 2011 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 made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, as
amended by Companies (Auditor's Report) (Amendment) Order, 2004
(together the 'Order'), issued by the Central Government of India in
terms of Section 227(4A) of the Companies Act, 1956 and on the basis of
such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order:
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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in section 211 (3C) of the Companies Act, 1956.
(e) On the basis of written representations received from 'the
Director, as on 31st march, 2011 and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2011
from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956. (f) In our
opinion and to the best of our information and according to the
explanations given to us, the said financial statements together with
Notes thereon and attached thereto give, in the prescribed manner, the
information required by the Companies Act, 1956, and give a true and
fair view in conformity with the accounting principles' generally
accepted in India : -
(i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 3 of the Auditors' Report of even date to the
members of Mathew Easow Research Securities Limited on the financial
statements for the year ended 31st March, 2011.
(i) (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us. a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) As explained to us, inventories in the form of Shares and
Securities have been verified by the management at reasonable intervals
to the extent possible and practical.
(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 were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) (a) 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) 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.
(iv) 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
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a)According to information and explanations given to us, the
particular 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) According to information and explanations given to us, transactions
made in pursuance of such contracts or arrangements have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
(vii) In our opinion, the company does not have proper and adequate
internal audit system commensurate with its size and nature of its
business and it needs improvement.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub- section (1) of section 209
of the Act.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income- tax
, sales-tax, wealth tax, service-tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute.
(x) The Company does not have any accumulated losses as at the ended of
the year. The company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
company.
(xiv) Based on our examination of the records and evaluation of the
related internal control, the company has maintained proper records of
transactions and contracts in respect of its dealing in shares,
securities, debentures and other investments and timely entries have
been made therein. The aforesaid securities have been held by the
company, in its own name. except to the extent of the exemption
granted under section 49 of the Companies Act. 1956.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The company has not taken any term loans.
(xvii) The company did not raise any fund on short-term basis.
(xviii)The company has made preferential allotment of shares but not to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
(xix) The company has not issued debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For BHANDARI B. C. & CO.
Chartered Accountants
Firm Registration No. 311082E
B. C. Bhandari, FCA
Partner
ICAI Membership No: 50196
Kolkata, May 30, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Mathew Easow Research
Securities Limited as at 31st March, 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 responsibility of the Companys
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 made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, as
amended by Companies (Auditors Report) (Amendment) Order, 2004
(together the Order), issued by the Central Government of India in
terms of Section 227(4A) of the Companies Act, 1956 and on the basis of
such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order:
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 account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in section 211 (3C) of the Companies Act, 1956.
(e) On the basis of written representations received from the
Directors, as on 31st march, 2010 and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with Notes thereon and attached thereto give, in the prescribed manner,
the information required by the Companies Act, 1956, and give a true
and fair view in conformity with the accounting principles generally
accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of the Auditors Report of even date to the
members of Mathew Easow Research Securities Limited on the financial
statements for the year ended 31st March, 2010.
(i) (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies between
the book records and physical inventory have been noticed. In our
opinion. the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) As explained to us, inventories in the form of Shares and
Securities have been physically verified by the management at
reasonable intervals to the extent possible and practical.
(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 were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventories
and no material discrepancies were noticed on physical verification.
(iii) (a) 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) 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.
(iv) 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
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to information and explanations given to us.the
particular 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) According to information and explanations given to us, transactions
made in pursuance of such contracts or arrangements have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
(vii) In our opinion, the company does not have proper and adequate
internal audit system commensurate with its size and nature of its
business and it needs improvement.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section {1) of section 209
of the Act.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income-tax, sales-tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-
tax, sales-tax, wealth tax, service-tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute.
(x) The Company does not have any accumulated losses as at the ended of
the year. The company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks and debenture holders.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
company.
(xiv) Based on our examination of the records and evaluation of the
related internal control, the company has maintained proper records of
transactions and contracts in respect of its dealing in shares,
securities, debentures and other investments and timely entries have
been made therein. The aforesaid securities have been held by the
company, in its own name, except to the extent of the exemption granted
under section 49 of the Companies Act. 1956,
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The company has not taken any term loans.
(xvii) The company did not raise any fund on short-term basis.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintain under Section
301 of the Act during the year.
(xix) The company has not issued debentures.
(xx) The company has not raised any money by public issues during the
year.
(xxi) 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
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
For BHANDARI B. C. & CO.
Chartered Accountants
Firm Registration No. 311082E
B. C. Bhandari, FCA
Partner
ICAI Membership No: 50196
Kolkata, May 29, 2010