Mar 31, 2015
We have audited the accompanying financial statements of Oracle Credit
Limited ("the Company"),which comprise the Balance Sheet as at 31 March
2015, the Statement of Profit and Loss, the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
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 includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 control,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidences 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 financial control relevant to the Company's
preparation of the financial statements that give 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 operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the 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, of the state of affairs of the Company as
at 31st March 2015, its profit/loss and its 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, 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,
to the extent applicable.
2. As required by section 143(3) of the Act and Companies (Audit and
Auditors) Rule 2014, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) In our opinion, there are no adverse observations and comments on
the financial transaction of the matters which have adverse effects on
the functioning of the Company.
f) On the basis of written representations received from the directors
as on 31 March, 2015 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 sub section (2) of the Section 164
of the Companies Act 2013.
g) In our opinion, there are no qualifications, reservation or adverse
remark relating to maintenance of accounts and other matter connected
therewith.
h) With respect to others matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in our Audit report of even date
1)
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets;
(b) As explained to us all the assets have not been physically verified
by the management at regular interval. As informed to us no material
discrepancies were noticed on such verification.
2)
(a) The inventory has been physically verified during the year by
management. In our opinion, the frequency of verification is
reasonable.
(b) 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) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical records and
the book records were not material.
3) The Company has not granted unsecured loans to companies, firms or
other parties covered in the Register maintained under Section 189 of
the Companies Act, 2013 during the year and in our opinion, hence para
(a) and (b) are not applicable.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory, fixed assets and for the sale
of goods. During the course of our Audit, no major weaknesses has been
noticed or reported.
5) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits in contravention
to directives issued by the Reserve Bank of India, the provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
2013 and the Rules framed there under, wherever applicable, have been
complied with No Order has been passed by the Company Law Board or
National Company Law Tribunal or RBI or any Court or any other
tribunal.
6) According to the information and explanation given to us, government
has not prescribed maintenance of cost records under sub section (1) of
Section 148 of the Companies Act, 2013 for the products of the Company
( as the Company is primarily engaged in rendering financial services).
7)
(a) In our opinion the Company is regular in depositing undisputed
statutory dues, including Provident Fund, employees state insurance,
Investor Education and Protection Fund, Income-tax, Tax deducted at
sources, Tax collected at source, Professional Tax, Sales Tax, value
added tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and
other statutory dues with the appropriate authorities. There is no
arrears of outstanding statutory dues as at the last day of the
financial year concerned for a period of More than Six Months from the
date they became payable.
Further, since the Central Government has till date not prescribed the
amount of Cess payable under section 441A of the Companies Act 1956, we
are not in a position to comment the regularity or otherwise of the
Company in depositing the same.
(b) According to the information and explanations given to us, there
are no dues on account of Income-tax or Wealth Tax or Custom Duty or
Excise Duty or sales tax or VAT or Cess which have not been deposited
on account of any dispute.
(c) According to the information and explanations given to us, there is
no amount which is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8) The Company does not have the accumulated losses at the end of
financial year. The Company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
9) According to the information and explanations given to us, the
Company has not defaulted in the repayment of any dues to financial
institutions or banks or debenture holders during the year of audit.
10) In our opinion, and according to the information and the
explanation given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
11) In our opinion, and according to the information and the
explanation given to us, the Company has not taken any term Loan during
the year.
12) According to the information and explanations given to us, no fraud
on or by the Company has been notice or reported during the year.
For Rakesh Raj & Associates
Chartered Accountants
Firm Registration No. 005145N
Sd/-
CA Neeraj Kumar Arora
Partner
Membership No. 510750
Place: New Delhi
Date: 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of ORACLE CREDIT
LIMITED ("the Company") , which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss, cash flow statement and
a summary of significant accounting policies and other explanatory
information which we have signed under reference to this report.
Management's Responsibility for the Financial Statements
The Company's 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
and in accordance with the accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material 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 Profit and Loss Account, of the profit/ loss 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', as
amended by 'the Companies (Auditor's Report) (Amendment) order, 2004',
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 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.
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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 1 under 'Report on other Legal and Regulatory
Requirements' section of our report of even date)
I. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, major fixed assets have been physically
verified by the management during the year. In our opinion, the
frequency of physical verification is reasonable having regard to the
size of the Company and nature of its assets. No material discrepancies
were noticed on such verification as compared to book records.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern status of the company.
II. The company is primarily engaged in rendering financial services
and therefore does not hold any physical inventories. Therefore the
provisions of paragraph 4(ii) of the order are not applicable to the
company.
III. According to the information and explanations given to us, the
company has not granted/taken any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. Therefore the provisions
of sub-clause (a) to (g) of paragraph 4(iii) are not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures commensurate
with the size of the company and the nature of its business, for the
purchase of fixed assets and rendering of services. The activities of
the company do not involve purchase of inventory and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control system in respect of these areas. During the course
of audit, we have not observed any continuing failure to correct major
weakness in the internal control system of the company in respect of
these areas.
V. According to information & explanations given to us, we are of the
opinion that there are no contracts or arrangements that need to be
entered in the register maintained under section 301 of the Act.
Accordingly, the provisions of clause 4(v)(b) of the order is not
applicable to the company and hence not commented upon.
VI. The Company has not accepted any deposits from the public.
VII. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
VIII. The provision of clause 4(viii) of the order is not applicable to
the company in the year under audit and hence not reported upon.
IX. (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees' State Insurance, Investor Education and Protection
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, and Excise Duty.
(b) According to the information and explanations given to us, there
are no dues 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.
X. The Company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
XI. 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.
XII. 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.
XIII. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the order
are not applicable to the Company.
XIV. In our opinion and according to information and explanations
given to us, the Company is not dealing in Shares, securities,
debentures. Accordingly, the provisions of clause 4(xiv) of the order
are not applicable to the Company.
XV. 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.
XVI. Based on our audit procedures and on the information given by the
management, we report that the company has applied its term loans for
the purpose for which the loans were obtained.
XVII. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
XVIII. According to information and explanations given to us by the
management, the company has not made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
XIX. The Company has no outstanding debentures during the period under
audit.
XX. The Company has not raised any money by public issue during the
year.
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the company was noticed during the year, although there were some
instances of loans becoming doubtful of recovery. However the amounts
involved are not material in the context of the size of the company and
the nature of its business.
For RAKESH RAJ & ASSOCIATES
Chartered Accountants
Firm Registration No: 005145N
CA Neeraj Kumar Arora
Partner, Membership No. 510750
Place: New Delhi
Date: May 30, 2014
Mar 31, 2013
We have audited the accompanying financial statements of Oracle Credit
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and the Statement of Profit and Loss and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required 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, 2013;
b) In the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(As referred in paragraph Report on other legal and regulatory
requirements of our report to the members of ORACLE CREDIT Limited on
the accounts for the year ended 31st March, 2013.)
i. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, major fixed assets have been physically verified
by the management during the year. In our opinion in, the frequency of
physical verification is reasonable having regard to the size of the
Company and nature of its assets. No material discrepancies were noticed
on such verification as compared to book records.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern status of the company.
ii. The Company is engaged in the business of trading/ investing/
financing of shares. Accordingly paragraph 4(ii) of the order is not
applicable.
iii. (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Hence the provisions of
clauses iii (b), iii(c) and iii (d) of the order are not applicable to
the Company.
(e) The Company has not taken loans from parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly paragraph 4(iii) (f) and (g) are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
v. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
transactions that need to be entered into the register maintained under
section 301 of the Act have been so entered.
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
arises.
vi. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
vii. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
viii. As per information & explanation given by the management,
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. Therefore no records have been made and maintained by the company.
ix. (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees' State Insurance, Investor Education and Protection
Fund, Income Tax, Sales Tax, Wealth Tax, Custom Duty, and Excise Duty.
(b) According to the information and explanations given to us, there
are no dues 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.
x. The Company has no accumulated loss and has not incurred cash loss
during the financial year covered by our audit and in the immediately
preceding financial year.
xi. 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.
xii. 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.
xiii. 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.
xiv. According to information and explanations given to us, the
Company is not dealing or trading in Shares, securities, debentures and
other Investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditor's Report) 2003 is not applicable to the Company.
xv. 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.
xvi. Based on our audit procedures and on the information given by the
management, we report that the company has applied its term loans for
the purpose for which the loans were obtained.
xvii. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
xviii. 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.
xix. The Company has no outstanding debentures during the period under
audit.
xx. The Company has not raised any money by public issue during the
year.
xxi. 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 RAKESH RAJ & ASSOCIATES
Chartered Accountants
FRN: 005145N
CA Neeraj Kumar Arora
Partner, Membership No.510750
Place: New Delhi
Date: 27 May 2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s ORACLE CREDIT LIMITED,
as at 31st March 2012 and also the Profit & Loss Account for the period
ended on that date annexed thereto. These financial statements are the
responsibility of the CompanyÂs Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These 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.
1. As required by the Companies (AuditorÂs Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act 1956, we enclose in the Annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said order.
2. Further to our comments in the Annexure referred to in
paragraph 1 above:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief are necessary for the purpose of our
audit.
(b) In our opinion, the company has kept proper books of accounts as
required by the - law so far as it appears from our examinations of
books.
(c) The Balance Sheet, Profit & Loss Account and Cash flow Statement
dealt with in the report are in agreement with the books of account.
(d) In our opinion the Balance Sheet and Profit Sc Loss Account complies
with the Accounting Standards referred to in sub section-(3C) of the
section 211 of the Companies Act 1956.
(e) As per information furnished to us, none of the directors of the
company tincln7aniesedAe 1956.
(f) In our opinion and to best our information and according to
explanation companies Act. 1956 in the manner so required and give a
true and fair view: -
* In the case of balance sheet °f the state of affaires of the Company
as at 31st March 2012 and
* In the case of profit Pr°fit & L°SS Accounts. °f the Profit of the
company for year ended on that date.
* in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORÂS REPORT
(Referred to in paragraph 1 of our report of even date on the accounts
of ORACLE CREDIT LIMITED for the year ended on 31st March 2012
(i) (a) The Company has maintained proper books showing full
particulars, including quantitative details and situation of fixed
assets/-
(b) All the Fixed assets have been physically verified by the
management at reasonable intervals during the year. According to the
information and explanations given to us, no material discrepancies
have been noticed on such physical verifications as compared to book
records.
(c) During the year the company has not disposed off any part of its
fixed assets.
(ii) The company is engaged in the business of trading/ investing/
financing of shares. Accordingly paragraph 4(ii) of the order is not
applicable.
(iii) (a) As informed to us, the Company has not granted 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 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 are adequate internal control systems 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.
During the course of audit, no major weakness has been noticed in these
internal controls.
(v) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, there are no
transactions that need to be entered in to the register maintained
under section 301 of the Act have been so entered.
(vi) The company has not accepted any deposits from the public during
the year.
(vii) The company has an internal audit system commensurate with its
size and nature of its business.
(viii) The 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) The Company is generally regular in depositing with the
appropriate authorities undisputed statutory dues including Income-
tax, and other material Statutory Dues applicable to it. There were no
arrears as at 31st March 2012 for a period of more than six months from
the date they become payable.
(b) According to the information & explanations given to us, there are
no dues in respect of income tax that have not been deposited with the
appropriate authorities on account of dispute.
(X) The company has not incurred according accumulated losses exceeding
50% of its worth
(xi) According to the information and explanations given to us the has
defaulted in repayment, of dues ,to a financial institution bank
ordebnture holders.
(xii) According to the information and explanations-given to us. the
company has Ânot granted any loans and advances on the basis of
security by way of pledge of shares debentures and other securities.
Pledge of shares.
(xiii) The company is not a chit fund or a Nidhi mutual benefit
fund/society. Therefore the provisions of the clause 4(xiii) of the
Companies (AuditorÂs Report) Order 2003 are not applicable to the
company.
(xiv) The company has kept adequate records of its transactions and
contracts in shares securities debentures and other investments and
timely entries have been made ,therein The shares, securities,
debentures and other investments are held in the name of the company or
are in process of being transferred in the companyÂs name.
(xv) The company duringt he year for loans taken by other from banks or
financial institutions.
(XVi) According to the infomation and to us, the company has not taken
any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have not been used for long term
investment
(xviii) The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
(XiX) The of ,the companies ,issued any debenturs, Accordingly, the
provision of clause company P (Audtior s Report) Order 2003 is not
applicable to the
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed and information and
explanations given or by noticed or reported during the course of our
audit.
For Rakesh Raj & Associates
Chartered Accountants
F.R.N.-005145N
Place: New Delhi
Date: 30.08.2012 Annapurna Gupta
M. NO 090858
(Partner)
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