Mar 31, 2015
We have audited the accompanying financial statements of Premier
Capital Services 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 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 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 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
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 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 Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015 and its 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, 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) 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 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act; and
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
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 required to be transferred by the
Company to the Investor Education and Protection Fund
i) Having regard to the nature of the company's
business/activity/result clauses (i), (ii), (vi), (ix), (x), (xi) of
the order are not applicable to the company.
ii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
iii) In our opinion according to the information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and for sale of goods. During the
course of our audit, no major weakness has been noticed in the internal
control.
iv) The company has not accepted any deposits from public.
v) A) According to the information and explanation given to us the
company is generally regular in depositing undisputed statutory dues
including Income Tax, Service Tax, Excise Duty, Sales tax and any other
statutory dues. There are no outstanding statutory dues for a period of
more than six month from the date they become payable.
B) According to the information and explanation given to us the
following dues of income tax have not been deposited by the company on
account of disputes:
Name of Nature of Amount (in )
Statute Dues
Income Income Tax 15,573,740.00/-
Tax and Interest
Name of the Statute Period to which the Forum where
amount relates dispute is pending
Income Tax Assessment Year CIT (A), Mumbai
2012-13
vi) The Company has accumulated losses of Rs. 17568064.78/- at the end of
the financial year and has not incurred any cash losses in the
financial year and in the immediately preceding financial year.
vii) Based on the audit procedures performed and information and
explanation given to us by the management, we report that no fraud on
or by the company had been noticed or reported during the course or our
audit.
For Bipin Zavar & Associates
Chartered Accountants
(FRN 121523W)
PLACE: MUMBAI
DATED: 18/05/2015
Sd/-
Bipin P. Zavar
(Proprietor)
Membership No. 110250
Mar 31, 2014
We have audited the accompanying financial statements of M/s. PREMIER
CAPITAL SERVICES LIMITED (the "Company"), which comprise the Balance
Sheet as at 31st March, 2014, 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.
2. 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 principles generally accepted in India
including Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956 ("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. 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.
3. Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
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 Company''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 audit
opinion.
4. Opinion
In our opinion and to our 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 case of 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 of
the company for the year ended on that date, and
c) In the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
5. 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 Section
227(4A) of the Act, we give in the Annexure 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 purpose of our
audit.
b) In our opinion, proper books of accounts are required by the law
have been kept by the company, so far as appears from our examination
of the 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, the Statement of Profit and Loss,
and the 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 the written representation received from the
Directors 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 directors in terms of Section 274 (1)(g) of the Act.
Annexure to the Auditors report of the even date to the members:
i) Having regard to the nature of the company''s business/activity/
result clauses (i), (ii), (viii), (x), (xi), (xii), (xiii), (xv),
(xvi), (xvii), (xix), (xx) of the order are not applicable to the
company.
ii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
iii) In our opinion according to the information and explanation given
to us there are adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and for sale of goods. During the
course of our audit, no major weakness has been noticed in the internal
control.
iv) A) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transaction that need to be entered into the register
maintained under section 301 of the Act have been properly entered in
the said register.
B) In our opinion and according to the information and explanations
given to us the transactions entered in the registers maintained under
section 301 and exceeding during the year by Rupees five lakh in
respect of each party have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
v) The company has not accepted any deposits from public.
vi) In our opinion, the company has an internal audit system, which is
commensurate with its size and nature of its business.
vii) A) According to the information and explanation given to us the
company is generally regular in depositing undisputed statutory dues
including Income Tax, Service Tax, Excise Duty, Sales tax and any other
statutory dues. There are no outstanding statutory dues for a period of
more than six month from the date they become payable.
B) According to the information and explanation given to us the company
has no disputed dues of sale tax/ income tax/ excise duty/cess and any
other statutory dues.
viii) The company is dealing or trading in shares, securities,
debentures. As informed to us the company has maintained proper records
and the investments are held in its own name.
ix) During the year, the company has not made any preferential
allotment of share to parties covered in the Register maintained under
section 301 of the Act.
x) Based on the audit procedures performed and information and
explanation given to us by the management, we report that no fraud on
or by the company had been noticed or reported during the course or our
audit.
For S.C. Maheshwari & Associates
Chartered Accountants
FRN: 105852W
Place : Mumbai
Date : May 30, 2014 Sd/-
S.C. Maheshwari
Proprietor
Membership No.: 009606
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying financial statements of M/s. PREMIER
CAPITAL SERVICES LIMITED (the "company"), which comprise the
Balance Sheet as at March 31, 2013, the Statement of Profit and Loss
for the year then ended and a summary of significant accounting
policies and other explanatory information.
2. 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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.
3. Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
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 audit opinion.
4. Opinion
In our opinion and to our 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 case of 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 of
the company for the year ended on that date, and
c) In the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
5. 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
Section 227(4A) of the Act, we give in the Annexure 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 purpose of our
audit.
b) In our opinion, proper books of accounts are required by the law
have been kept by the company, so far as appears from our examination
of the 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, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Act;
e) On the basis of the written representation received from the
Directors 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 directors in terms of Section 274 (1)(g) of the Act.
Annexure to the Auditors report of the even date to the members:
i) A) The company has maintained proper records to show full
particulars including quantitative details & situation of its fixed
assets.
B) The fixed assets have been physically verified by the management
during the year in our opinion, the frequency of verification of the
fixed assets by the management is reasonable having regard to the size
of the company and the nature of the assets. The discrepancies noticed
have been properly dealt with in the book of accounts.
ii) A) As informed to us, the inventory of the company is with
depository participants. The periodic statement of depository
participants shows the stock lying with them on behalf of the Company.
B) In our opinion and according to the information and explanations
given to us, the company is maintaining proper record of inventory.
iii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
iv) In our opinion according to the information and explanation given
to us there are adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and for sale of goods. During the
course of our audit, no major weakness has been noticed in the internal
control.
v) A) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transaction that need to be entered into the register
maintained under section 301 of the Act have been properly entered in
the said register.
B) In our opinion and according to the information and explanations
given to us the transactions entered in the registers maintained under
section 301 and exceeding during the year by Rupees five lakh in
respect of each party 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 public.
vii) In our opinion, the company has an internal audit system, which is
commensurate with its size and nature of its business.
viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for the
company.
ix) A) According to the information and explanation given to us the
company is generally regular in depositing undisputed statutory dues
including Income Tax, Service Tax, Excise Duty, Sales tax and any other
statutory dues. There are no outstanding statutory dues for a period of
more than six month from the date they become payable.
B) According to the information and explanation given to us the company
has no disputed dues of sale tax/ income tax/ excise duty/ cess and and
any other statutory dues.
x) The company does not have any accumulated losses nor has incurred
any cash loss for the year neither in preceding financial year.
xi) Based on our audit procedure and on the information and
explanations by the management, the company has not defaulted in
repayment of dues to any financial institution or bank.
xii) The Company has not given any guarantee for loans taken by others
from bank or financial institution.
xiii) Based on our examination and according to the information and
explanation given to us, the company has not granted loans and advances
on the basis of security by way of pledge of shares, debenture and
other security.
xiv) The company is not a chit/nidhi/natural benefit fund/ society and
clauses xii of the order is not applicable.
xv) The company is dealing or trading in shares, securities,
debentures. As informed to us the company has maintained proper records
and the investments are held in its own name.
xvi) The company has not taken any term loan during the year.
xvii) As company has not raised any short term borrowings/ loans,
question of its use does not arise.
xviii) During the year, the company has made preferential allotment of
share to parties covered in the Register maintained under section 301
of the Act. As per the information and explanation given to the price
at which shares have been issued is not prejudicial to the interest of
the company.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has raised money by way of preferential issue during
the year. As per the information and explanation given to us, the
company has utilized the proceeds of preferential issue for the purpose
for which it has been raised.
xxi) Based on the audit procedures performed and information and
explanation given to us by the management, we report that no fraud on
or by the company had been noticed or reported during the course or our
audit.
For S.C. MAHESHWARI & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 105852W
PLACE : MUMBAI sd/-
DATED : MAY 30, 2013 S.C. Maheshwari
Proprietor
M.No.9606
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. PREMIER CAPITAL
SERVICES LIMITED as at 31st March, 2012 and also the Profit and Loss
Account of the Company for the Year ended on that date annexed there
to. 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 of the financial statement. We believe that our audit
provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order 2003 issued by
the Central Government of India in terms of Section 227(4A) section 227
of the Companies Act, 1956. We enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order in so far
as they are applicable to the company.
4. Further to our comments in the Annexure referred to in paragraph in
(3), we state 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 accounts are required by the law
have been kept by the company, so far as appears from our examination
of the books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with the report comply with the mandatory Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956.
(e) On the basis of the written representation received from the
Director's 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 directors in terms of clause (g) of sub-section (1) of section 274
of the Companies Act 1956.
(f) In our opinion and to our best of our information and according to
the explanation given to us, the Profit & Loss A/c. and Balance Sheet
read together with other notes thereon in Schedule 16 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.
(i) In case of Balance Sheet, of the state of affairs of the Company as
at 31st March, 2012; and
(ii) In the case of the Profit and Loss Account, of the Profit of the
company for the year ended 31st March, 2012;
(iii) In case of Cash Flow Statement, of the cash flow for the year
ended 31st March, 2012
Annexure to the Auditors report of the even date to the members:
i) A) The company has maintained proper records to show full
particulars including quantitative details & situation of its fixed
assets.
B) The fixed assets have been physically verified by the management
during the year in our opinion, the frequency of verification of the
fixed assets by the management is reasonable having regard to the size
of the company and the nature of the assets. The discrepancies noticed
have been properly dealt with in the book of accounts.
ii) A) As informed to us, the inventory of the company is with
depository participants. The periodic statements of depository
participants shows the stock lying with them on behalf of the Company.
B) In our opinion and according to the information and explanations
given to us, the company is maintaining proper record of inventory.
iii) As informed to us, during the year the company has not taken
unsecured loan from the parties covered in the Register maintained
under section 301 of the Act.
iv) In our opinion according to the information and explanation given
to us there are adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and for sale of goods. During the
course of our audit, no major weakness has been noticed in the internal
control.
v) A) Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transaction that need to be entered into the register
maintained under section 301 of the Act have been properly entered in
the said register.
B) In our opinion and according to the information and explanations
given to us the transactions entered in the registers maintained under
section 301 and exceeding during the year by Rupees five lakh in
respect of each party 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 public.
vii) In our opinion, the company has an internal audit system, which is
commensurate with its size and nature of its business.
viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for the
company.
ix) A) According to the information and explanation given to us the
company is generally regular in depositing undisputed statutory dues
including Income Tax, Service Tax, Excise Duty, Sales tax and any other
statutory dues. There are no outstanding statutory dues for a period of
more than six month from the date they become payable.
B) According to the information and explanation given to us the company
has no disputed dues of sale tax/ income tax/ excise duty/ cess and and
any other statutory dues.
x) The company has neither any accumulated losses at the end of the
financial year nor has incurred cash losses during the year.
xi) Based on our audit procedure and on the information and
explanations by the management, the company has not defaulted in
repayment of dues to any financial institution or bank.
xii) The Company has not given any guarantee for loans taken by others
from bank or financial institution.
xiii) Based on our examination and according to the information and
explanation given to us, the company has not granted loans and advances
on the basis of security by way of pledge of shares, debenture and
other security.
xiv) The company is not a chit/nidhi/natural benefit fund/ society and
clauses xii of the order is not applicable.
xv) The company is dealing or trading in shares, securities,
debentures. As informed to us the company will take up the process of
NBFC.
xvi) The company has not taken any term loan during the year.
xvii) As company has not raised any short term borrowings/ loans,
question of its use does not arise.
xviii) During the year, the company has not made any preferential
allotment of share of parties and companies covered in the Register
maintained under section 301 of the Act.
xix) The company did not have any outstanding debentures during the
year.
xx) The company has not raised any money by public issues during the
year.
xxi) Based on the audit procedures performed and information and
explanation given to us by the management, we report that no fraud on
or by the company had been noticed or reported during the course or our
audit.
For S.C. MAHESHWARI & ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE : MUMBAI FRN : 105852W
DATED : MAY 30, 2012
Sd/-
S.C. Maheshwari
Proprietor
M.No.9606
Mar 31, 2009
We have audited the attached Balance sheet of PREMIER CAPITAL SERVICES
LIMITED, as at 31st March,2009 and the relative Profit & Loss Account
and the Cash Flow Statement for the year ended on that date, which we
have signed under reference to this report. These financial statements
are the responsibility of the management of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain resonable assurance about whether the financial
statements are free of material mis-statement. An audit includes,
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a resonable
basis for our opinion.
As Required by the Companies (Auditors Report) Order ,2003 issued by
the Central Government of India in terms of Sub-Section (4A) of Section
227 of the Companies Act, 1956 ,and on the basis of such checks as we
considered appropriate ,and according to the information and
explanation given to us , we enclose in the annexture a statment on the
matters specified in paragraph 4 and 5 of the said order to the extent
applicable to the company Further to our comments in the annexture
refered to above , we report that >
i) We have obtained all the information and explanations , which to the
best of oyur knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion , proper books of account as required by law have
been kept by the Company so far as it appears frojHQOTjjjScaihinaJion
of those books of the company.
iii) The Balance Sheet and Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
iv) In our opinion the Balance Sheet and the Profit & Loss Account and
the Cash Flow Statement dealt by this report are in compliance with the
Accounting Standards referred to in Section 211 (3c) of the Companies
Act, 1956.
v) On the basis of written representation received from all the
Directors of the Company and the information and explanation as made
available, Directors of the Company do not prima facie have any
disqualification as referred to in Clause (g) of Sub-Section (1) of the
Section 274 of the Act, 1956.
vi) Subject to the foregoing in our opinion and to the best of our
information and according to the explanation given to us , the said
financial statments, read together with the notes thereon give the
information required by the Companies Act, 1956, in the matter so
required and give a true and fair view in confirmity with the
accounting priciples generally accepted in india;
a) In the case of Balance Sheet , of the state of affairs of thecompany
as at 31 st ,March 2009 and
b) In the case of profit & Loss Account of Profit of the company for
the year ended on that date
c) In the case of Cash Flow Statment of the Cash Flows for the year
ended on that date
Annexture to the Auditors Report of Premier Capital Services Ltd. For
the year endedd 31 st March Ã2009( Referred to in paragraph (3)
thereof)
1. a. The Company has maintained proper records showing full
particulars , including quantitative details and situation of fixed
assets.
b. The management has carried out physical varification of fixed assets
during the year and no material discrepencies were noticed on such
varification. In our opinion ,the frequancy of physical verification of
fixed assets is resonable.
c.In our opinion , no substaintial part of Fixed Assets have been
dispossed off during the year by the company.
2. a. Inventories has been physically varified by the management
during the year .In our opinion , the frequency of verification is
resonable.
b. In our opinion , the procedure of physical varification of inventory
followed by the management are resonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
stocks were not material and the same have been properly dealt with in
the books of accounts.
3. a. In our openion and according to the information and explanation
given to us , the company has granted loans to two parties covered in
the register u/s 301 of the Companies Act ,1956. The outstanding
balance as on 31.03.09 was Rs.79,24,907/- and the maximum balance
outstanding was Rs. 81,03,637/-.
b. In our opinion and according to the information and explaination
given to us ,the Company has taken loan from one of the parties covered
in registered u/s 301 of the Companies Act ,1956 during the year The
outstanding balance as on 31.03.2009 was Rs. 6,04,554/- and the maximum
balance outstanding was Rs.6,31,597/-.
c The terms and conditions of such loan given/accepted were not
prejudicial to the interest of the Company.
d. In our opinion and according to the explanation given to us the
company is regular in paying/ receiving the princpal and interest
amount as stipulated.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal controal procedures
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weakness
have been noticed in the internal control system.
5. a. In our opinion and according to the information and explanations
given to us, transactions that need to be entered into the Register
maintained in pursuance of section 301 of the Companies Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanations
given to us no transactions have been made in pursuance of
contracts/arrangements entered in the register maintained u/s 301 of
the Companies Act and exceeding the value of five lakh rupees in
respect of any party during the year.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
during the year.
7. In our opinion, the company has an internal audit system, which is
commensurate with the size and nature of its business.
8. As explained to us, that the Central Government has not prescribed
the maintenance of cost records by the company under section 209(1 Xd)
of the Companies Act, 1956.
9. a. According to the records of the Company, the Company has been
regular in depositing undisputed statutory dues including Providend
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax ,Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities. According to information and explanation given to us,
there are no undisputed arears of statutory dues which have remained
outstanding as at 31 st March, 2009 for a period of more than six
months from the date they became payable.
b. As at 31st March 2009 according to the records of the company and
the information and explanations given to us, there are no dues on
account of Income Tax, Sales Tax and other matters that have not been
deposited on account of any dispute.
10. The company has incurred Profit during the financial year covered
by our audit and also in the financial year immediately preceding such
financial year.
11. According to information and explanations given to us the Company
has not defaulted in repayment of dues to a financial institution or
bank or debenture holders.
12. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
13. 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.
14. 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.
15. According to the information and explanations given to us, the
Company has no dealings in shares, Securities and Debentures during the
year. Therefore, the provisions of Clause 4(xiv) of the order are not
applicable to the Company.
16. The Company has not obtained any term loans during the year.
17. 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 Company has utilised short term fund for short term purpose
only .
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debenture during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
PLACE : INDORE FOR M.MEHTA & CO.
Charatered Accountants
DATE : 30.07.2009 P.R.Bandi
(Partner)
M.NO. 16402
Mar 31, 2000
We have Audited the attached Balance Sheet of PREMIER CAPITAL SERVICES
LIMITED as at 31st March, 2000 and the Profit & Loss Account for the
year ended on that date annexed there to. We report as that:-
1. 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.
2. In our opinion, proper books of account as required by law have
been kept by the Company as far as appears from our examination of the
Books.
3. The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the Books of Account.
4. In our opinion the Profit & Loss Account and Balance Sheet comply
with the Accounting Standards referred to in Sub-Section 3(C) of
section 211 of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read with the notes on
schedule XII thereon give the information required by the Companies
Act, 1956 in the manner so required and give true and fair view.
i) In the case of Balance Sheet of the State of affairs of the Company
as at 31st March 2000 and
ii) In the case of Profit and Loss Account of the Company loss for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (1) of our Report of even date on the
accounts for the year ended 31st March,2000 of PREMIER CAPITAL SERVICES
LIMITED)
As required by the Manufacturing and other Companies (Auditors Report)
order 1988 issued by the Company Law Board U/S 227 (4-A) of the
Companies Act,1956 and on the basis of such checks as we considered
appropriate we further state that :-
1. The Company has maintained proper records showing full particulars
including quantitative details and situations of fixed assets. The
Management has informed wherever practicable, physical verification of
all major items of fixed assets has been carried out during the year
and no material discrepancies between the book records and physical
verification have been noticed.
2. None of the fixed assets have been revalued during the year.
3. The stock in trade of shares has been physically verified by the
management at the end of the year. No material discrepancies were
notice or such verification as compared to the book records. Stock of
the shares are in the name of company. In our opinion the valuation of
above mentioned stocks is fair and proper in accordance with the
normally accepted accounting principles.
4. The Company has not given any loans or advances in the nature of
loans during the year.
5. 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, with regard to purchase of materials, equipment and other
assets.
6. In our opinion and according to information and explanation given to
us, the Company has properly maintained investment register Further all
the investments have been held by the Company in its own name.
7. In our opinion and according to the information and expiations given
to us, the Company has complied with the applicable Provisions of
Section 58-A of the Companies Act, 1956 and with directives issued by
the Reserve Bank of India whereever applicable.The Companys
Application for registration with Reserve Bank of India has been
rejected.
8. The Company did not have internal audit system during the year under
review.
9. We are informed that Provision of Provident fund act and ESIC act
are not applicable to the Company.
10. According to the information and explanations given to us, Company
is liable to pay Interest Tax of Rs. 24983.00/- for Assessment year
94-95 & 95-96. However no Un-disputed amounts is payable in respect of
Income-Tax, Sales-Tax, Custom duty and Excise duty outstanding as at
March 31, 2000 for a period of more than six months from the date they
became payable.
11. The Company has not granted any loans and advances on the basis of
Security by way of pledge of Shares,Debebture or other similar
Securities.
12. The Special Statutes applicable to Chit Fund, Nidhi or Mutual
Benefit Society are not applicable to the Company.
13. The Company has not dealt in or traded in Shares, Securities
debebture or other Investments. The Shares and Debenture acquired by
the Company by way of investments are held by the Company in its own
name.
14. The Company is not a Sick Industrial Company within the meaning of
clause (0) of sub-section (1) of section 3 of the Sick Industrial
Companies (Special provision) Act,1985, as this Company does not fail
under this act
15. No other matter specified in the above order is applicable to the
Company.
FOR M. MEHTA & CO.
CHARTERED ACCOUNTANTS
(P.R. BANDI)
PARTNER.
PLACE:INDORE
DATE:31/07/2000.
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