Mar 31, 2014
We have audited the accompanying financial statements of PARNAV SPORTS
ACADMY LIMITED ("the company") which comprise the balance sheet as at
31st March 2014, the statement of profit and loss and 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
Management is responsible for the preparation of these financial
statements that give true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
accounting standard referred to in sub section(3G) of section 211 of
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 maintenances of internal control
relevant to the preparation and presentation of 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
Accountant 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 statement 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 statement 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 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
explanation 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 balance sheet, the state of affairs of the company
as at March 31 , 2014,
(b)the case of statement of profit and loss of the profit for the year
ended on that date,
(c) In the case of the cash flow statement, of the cash flows of the
company 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 section227 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 the 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 the
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the
books of account.
(d) In our opinion, the balance sheet, statement of profit and loss,
and the cash flow statement comply with the accounting standards
referred to in sub-section (3C)of section 211 of companies act 1956
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 representation received from the directors
as on 31st march 2014, and taken on record by the board of directors,
none of the directors is disqualified as on 31st march 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of Companies Act, 1956.
Annexure referred to 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.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, the company does not have any Inventory and
clause (b) and (c) not applicable.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories a fixed assets and payment
for expenses a for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per Information & Explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per 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 for the company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company have not have accumulated losses and has not incurred
any cash losses during the current year and immediately preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (auditor's Report) order,
2003 (as amended) are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, We report that no funds raised on short-term basis have
been used for long-term investment by the company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, Company has not made the
any preferential allotment of shares to parties covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For N K G & ASSOCIATES
Chartered Accountants
CA. Neeraj Kumar Gupta
(Prop.)
Membership No.: 074622
FRN: 005963C
Place: Agra
Date: 3/9/2014
Mar 31, 2013
We have audited the accompanying financial statements of PARNAV SPORTS
ACADMY PRIVATE LIMITED which comprise the Balance Sheet as at 31st
March, 2013 and the Statement of Profit and Loss for the year ended,
and a summary of significant account policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. 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 mternal 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^tsl^ell 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 :-
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013; and
(ii) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date; and
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 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 annex hereto a statement on the matters specified in Paragraphs
4 and 5 of the said 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 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 the
books.
c) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
dealt with by this report comply with the accounting standards referred
to in Sub-Section (3C) of Section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on 31st March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956. ^fG^%
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.
(i) In respect of its fixed assets:
Based on our scrutiny of the Company''s Book of Account and other
records and according to the information and explanations received by
us from the management, we are of the opinion that the question of
commenting on maintenance of proper records of fixed assets, physical
Verification of fixed assets and any substantial sale thereof does not
arise since the company had no fixed assets as on 31st March, 2013 nor
at any time during the Financial Period ended 31st March, 2013.
The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets. Fixed
assets have been physically verified by the Management during the year
and there have been no material discrepancies.
(ii) In respect of its inventories:
As the company does not have any inventory since clause (a), (b), and
(c) is not applicable.
(iii) The Company has neither taken nor granted any loans or advances
in the nature of loans to parties covered in the register maintained
under section 301 of the company Act, 1956. Hence, the question of
reporting whether the term and condition of such loans are prejudicial
to the interests of the company, whether reason able steps for
recovery/repayment of overdue of such loans are taken does not arise.
(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 nature of its business. During the
course of our Audit, no major material weakness has been noticed in
internal controls.
(v) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions made during the year that needed to be
entered in the registered maintained under section 301 of the companies
Act, 1956 have been so entered.
(vi) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
hence clause 4(vi) of the said order is not applicable.
(vii) We are informed that in view of internal control procedure which
ensures reasonable internal checking of financial and other records,
the Company has no formal internal audit as such.
(ix) According to the information and explanations given to us, in our
opinion, the Company has been generally regular in depositing
undisputed statutory dues including Provident Fund, Employees State
Insurance, lncome Weahh Tax, Sales Tax, Excise Duty, Cess, Service Tax
and any other material statutory dues as applicable to it with the
appropriate authorities. As at the last day of the financial year,
there are no arrears of such undisputed statutory dues outstanding for
a period of more than six months from the date they become payable.
(x) The Company does not have accumulated loss at the end of the year.
The Company has niether incurred Cash Loss during the current Year nor
during immediately Preceding Financial Year.
(x) The Company does not have accumulated losses more than fifty
percent of its net worth at the end of the financial year. The Company
has incurred not cash losses during the financial year covered by the
audit and no cash loss in the immediately preceding financial year.
(x) The company''s accumulated losses at the end of financial year are
not more than fifty percent of its net worth .The company has incurred
not cash losses in the current year and immediately preceding financial
year .
(xi) According to the information and explanations given to us and
based on the documents and records produced to us, the company did not
have any borrowing from a financial institution or bank or debenture
holders and hence clause 4(xi) of the companies (Auditor''s Report)
Order, 2003 (as amended) is not applicable.
(xi) Based on our audit procedures and according to the information and
explanation given to us, we are of opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks and
debenture holders.
(xii) The Company has not granted any Loans & Advances on the basis of
security by way of pledge of Shares, Debentures and other securities.
(xiii) In our opinion, and to the best of our information and according
to the explanations provided by the management, we are of the opinion
that the Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor''s Report) order, 2003 are not applicable to the
Company.
(xiv) On the basis of our examination of the companies'' records, we are
of the opinion that the company is mamtaining adequate records
regarding transactions and contracts regarding its trading activities
in shares, securities, debentures and other investments and timely
entries have been made in these records. The Shares, Securities,
Debentures and Others investments have been held by the Company in its
own name except to the extent of exemption granted U/ s 49 of the Act.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (auditor''s Report) order,
2003 (as amended) and applicable to the company.
(xv) The company has not given guarantee for the loans taken by others
from banks or financial institution; hence clause (xv) of Para 4 of the
Order is not is not applicable.
(xvi) According to the records of the company, the company has not
obtained any term loans. Hence, comments under the clause are not
called for.
(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 the no funds raised on short-term basis have been used for long
term investment.
(xviii) According to the information''s and explanations given to us,
the Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the companies act,1956.
(xix) The Company has not issued any debentures during the year and
therefore, paragraph 4 (xix) of the said Order is not applicable to the
Company.
(xix) The company has created securities/charges respect of secured
debenture issued.
(xx) The company has not raised any money by public issue during the
year and therefore, paragraph 4(xx) of the said Order is not applicable
to the Company,
(xxi) Based on the audit procedures performed and information''s and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For N K G & CO.
(CHARTERED Acconutant)
Neeraj Kumar Gurta
Prpo
FRN :005963C
M.No. 074622
Place: Agra
Date: 26/08/2013
Mar 31, 2012
1. We have audited the attached balance sheet of PARNAV SPORTS ACADEMY
PRIVATE LIMITED, as at 31st March 2012, and also the profit and loss
account for the year ended on that date annexed thereto. 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 the 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 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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books and proper returns adequate for the purposes of our audit
have been received from the branches not visited by us. The Branch
Auditor''s Report(s) have been forwarded to us and have been
appropriately dealt with;
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account (and with the audited returns from the branches;
(iv) In our opinion, the balance sheet and profit and loss account
dealt with by this report comply with the mandatory accounting
standards referred to in sub- section (3C) of section 211 of the
Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-seetion (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2012;
(b) In the case of the profit and loss account, of the profit / loss
for the year ended on that date; and
Annexure Referred to in paragraph 3 of our report of even date,
(i) (a)The Company has maintained proper records including records of
past years to show full particulars including quantitative details and
situation of fixed assets.
(b) The assets have been physically verified by the management at
reasonable intervals during year. No material discrepancies have been
found.
(c) Asset disposed off does not affect the going concern..
(ii) (a),(b) & (c) These clause are not applicable, as the company has
not any Inventory.
(iii) (a) The Company has not granted any unsecured loans to companies,
firms and other parties covered in the register maintained under
Section jOI ol the Companies Act. 1956 during the financial year 20H
(b) In our opinion the rate of interest and other terms and conditions
on which unsecured loans have been given by the company to companies,
firms 01 other parties listed in the registers maintained under Section
301 are not. prima facie, prejudicial to the interest of the company.
(c) Based on the information and explanation given by the management
the company has not made any stipulation for the repayment of the
piincipal amounts of loan or of interest. We have not made any comments
because the terms of repayment and/ or interest have not been
specified.
(d) Based on the information and explanation given by the management
there is no overdue amount of loans taken from or granted to companies,
firms or other parties listed in the registers maintained under section
301 of the Companies Act, 1956 as no stipulation for the repayment of
the loans has been made.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size ol the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal controls.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management. we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us. the transactions made in pursuance of contracts or
arrangements entered in the registers maintained under Section 301 and
exceeding the value ot live lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public as
defined under Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975. No order has been
passed by the National Company Law Tribunal.
(vii) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, In our
opinion, the company has not been covered under the clause of internal
audit system.
(viii) We are informed by the management that pursuant to the Rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956, it has not been
required to maintain the cost records for the product of the company.
(ix) (a) According to the information and explanations given to us
there is no undisputed statutory dues payable in respect of Provident
Fund, Investor Education Protection Fund, Employees'' State Insurance,
Income-Tax, Sales- Tax, Wealth-Tax, Custom Duty, Excised-Duty, Cess and
any other statutory dues applicable to it which are outstanding as at
31st March, 2012 for a period of more than six months from the due date
they become payable.
(b) According to the records of the company, there are no dues of sale
tax, income-tax, customs tax/wealth-tax, excise duty/cess which have
not been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty
percent of its net worth. The company has not incurred any cash losses
during the financial year covered by our audit and the immediately
preceding financial year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, The Company has not taken any
loans from any financial institution.
(xii) Based on our examination of documents and records and on the
information and explanations given by the management, we of the opinion
that 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 company is not a Chit Fund, Nidhi or Mutual Benetit Society.
Hence the requirement of items (xiii) of paragraphs 4 of the Order is
not applicable to the company.
(xiv) According to the information and explanations given to us and on
the bases of our examination of the records, we are ot the opinion that
that the company has not held any shares, securities, debentures and
other securities.
(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 tinancial institutions.
(xvi) As per the information and explanations given to us. No term
loans have been taken by the company.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 ot the
Companies Act 1056.
(xix) During the period covered by our audit report, the company has
not issued any debentures. Hence the requirements of clause (xix) of
paragraph 4of the Order is not applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues. Hence the requirements of clause
(xx) ot paragraph 4of the Order is not applicable to the company.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For KUMAR AGARW AL SINGH CHAUDHARY & CO
Chartered Accountants
(Raesh Kumar-
Partner
M. No. 510109
Place: New Delhi
Date: 31.08.2012
Mar 31, 2011
We have audited the attached Balance Sheet of PARNAV SPORTS ACEDEMY PVT
LTD as at March 31, 2011 and Profit and Loss Account for the year
ended on that date annexed thereto. These financial statement are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted out audit in accordance with the auditing standards
aencvtih accepted in India. Those standards require thai we plan and
perform the audiuo obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the accounts
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 thai our audit provides a reasonable basis for
our opinion.
As required by The Companies (Auditors Report) Order. 2003. as amended
by the Companies (Auditors'' Report) (Amended) Order 2004. [Order]
issued by the Central Government of India in terms of sub-section (4A>
of section 227 of the Companies Act, 1956. do not apply to the Company
jn terms of section l{2)(iv) of the said Order.
We report that:
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.
The Balance Sheet and Profit and Loss Account dealt with b this report
are in agreement with the hooks of account, 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.
In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred in
sub section OC) of section 2] 1 of the Companies Act, 1956.
On the basis of written representations received from the directors and
taken on record bv the Board of Directors, none of the directors is
disqualified from being appointed as a director m terms of clause (g>
of sub-section (I) of section 274 of the Companies Act 1956.
In our opinion and to the best of our information and according to the
explanations given to us. the said accounts, read together with notes
and accounting policies thereto, give the information required by the
Companies Act. 1956, in the manner so required and gives a true and
fair view in conformity with the accounting principles generally
accepted in India:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 201 hand (ii) In case of the Profit and Loss
Account, of the loss incurred bv the Company for the year ended on that
date.
Anupam Parashar
Charted Accountant
Delhi-110091 Proprietor
September 05.2011 Member ship No 515969