Mar 31, 2014
We have audited the accompanying financial statements of PREMIUM
CAPITAL MARKET & INVESTMENT LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 201 and the Statement of Profit and Loss
and Cash Flow Statement for the year the ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view' of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") (Which continue to applicable in
respect of section 133 of the companies Act, 2013 in terms of General
Circular 15/2013 dated 13th Sept. 2013 of the Ministry of Corporate
Affairs) 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 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
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 alt 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 (Which
continue to applicable in respect of section 133 of the companies Act,
2013 in terms of General Circular 15/2013 dated 13th Sept. 2013 of the
Ministry of Corporate Affairs);
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS REPORT
(As referred to in paragraph 3 of our report of even date)
i. (a) The company has maintained proper record showing full
particulars, including quantitative details and situations of its fixed
assets.
(b) As explained to us all assets have been physically verified by the
management at reasonable internals during the year, no material
discrepancies have been noticed on such verification as compared to the
books records.
(c ) No substantial part of fixed assets has been disposed -off by the
company during this year hence there is no effect on going concern.
ii. (a) The clause regarding finished goods and raw material is not
applicable to the company being not a manufacturing or trading company .
(b) The clause regarding physical verification of stocks is not
applicable to the company being not a manufacturing or trading company.
(c ) The clause regarding material discrepancies in stock is not
applicable to the company being not a manufacturing or trading company.
iii. (a) The Company has taken unsecured loans from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act. There are total two parties and amount outstanding as
on 31,03.2014 is of Rs. 15.10 Lacs. The maximum outstanding during the
year was Rs.36.43Lacs.
(b) The rate of interest and other terms and conditions of the loan
taken by the company from the parties covered in the register
maintained u/s 301 of the Companies Act, 1956 are not prima-facie
prejudicial to the interest of the company.
(c) The repayment of principle amount and interest is generally
regular.
(d) The Company has given loans to Directors and their relatives
concerns. There are total two parties and amount outstanding as on 31st
March 2014 is Rs.12.57 Lacs. The Maximum outstanding during the year
was of Rs.20.28 Lacs. The terms and conditions and rate of interest of
such loans have not been stipulated, hence we are unable to comment
upon above transactions.
iv. According to the information's and explanations given to us, there
are, in our opinion, adequate internal control procedure commensurate
with size of company and nature of its business for the purchase of
inventories, fixed assets and for the sale of goods/services. As
observed by us, there is no Continuing failure to correct major weakness
in the internal control.
v. (a) As informed and explained to us, transactions that need to be
entered into a register in . pursuance of section 301 of the Companies
Act, have been entered.
(b) In our opinion and according to the information and explanations
given to us, transactions of purchase of goods and materials made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the companies Act, 1956, aggregating
during the year to Rs,5 Lacs or more in respect of each party is NIL.
vi. As informed and explained to us, the company has not taken any
deposit-covered u/s - 58-A of the Companies Act, 1956.
vii. As informed and explained to us the Company has an internal audit
system commensurate with its size and nature of business.
viii. As informed and Explained to us, the Central Government has not
prescribed maintenance of cost records u/s 209 (i) of the Companies
Act, 1956.
ix. (a) According to information and as per explanation given to us
there is no undisputed amount outstanding as on 31.3.14 investor
Education and Protection Fund, Sales Tax, Service Tax, Cess and any
other statutory dues which wee due for more than six months from the
date they become payable.
(b) As informed and explained to us, there is no disputed amount in
respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty,
Service Tax or Cess, except an Income Tax demand for the A. Y. 1996-97
against which an appeal was pending before the CIT (Appeals)- II,
Indore, relief in assessed income of Rs.56.45 Lacs is granted by the
Hon'ble CIT( Appeals)-II which reduces our tax demand approximately to
Rs.91.18 Lacs from Rs. 171.85 Lacs and for the balance demand the
company has also filed appeal before the Hon'ble ITAT Indore bench and
the same is pending for decision.
x. The Accumulated losses of the company are not less than fifty percent
of the net worth of the company. In this financial year the company has
earned cash profit of Rs.45,076/- and in the preceding financial year
the Company has earned cash profit of Rs.43,478/-
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Financial institutions, Banks or debentures holders.
xii. As informed and explained to us the Company has not granted loans
and advances on the basis of securities | by way of pledge of shares,
debentures and other similar securities during the year under audit.
xiii. As informed and explained to us the Provision of any Special
Statute applicable to chit fund nidhi, mutual benefit/ society are not
applicable to company.
xiv. As informed and explained to us the Company has maintained proper
records of transactions and contracts in respect of trading in shares,
debentures and other securities and that timely entries have been made
therein. All shares / debentures and other securities have been held by
the company in its own name and / or pending for transfer as they are
market deliveries expect to the extent of exemption if any, granted
under Section 49 of the Companies Act, 1956. There are some snares which
could not be transferred in the name of the company due to some reasons
beyond the control of the company and as informed to us the ' company is
in the process of getting it transferred from the respective persons.
xv. As informed and explained to us the company has not given any type
of guarantee for loans taken by others from Bank or any financial
institution.
xvi. The company has not taken any term loan during year.
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, no funds raised for short-term basis have been utilized for Long
Term Investments.
xviii. The Company has not made any preferential allotment of shares
during the year.
xix. No debenture have been issued by the company during this year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. As informed and explained to us no frauds on or by company has
been noticed or reported during the year.
FOR AIREN & SALUJA,
CHARTERED ACCOUNTANTS,
FRN:-004588C
Sd/-
Place : Indore CA. SANJAY KUMAR AIREN
Pate: 25th August, 2014 PARTNER
M.No.073305
Mar 31, 2012
1) We have Audited the attached Balance-sheet of M/S PREMRJM CAPITAL
MARKET AND INVEST- MENTS LIMITED: INDORE as at 31st March' 2012 and
also the Statement of Profit and Loss and the cash flow statement 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 finan- cial statements based on our
audit.
2) We conducted our audit accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform our
audit to obtain reasonable assurance about whether the evidence
supporting the amount and disclosures in financial statements are free
from material misstatements .An audit includes' examining on the test
basis' evidence supporting the amounts and disclosures in financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3) As required by the Companies Auditors Reports Order' 2003 issued by
the Central Government' in terms of section 227(4) (a) of the companies
Act' 1956 we give in a statement on the matters specified in paragraph
4 & 5 of the said order to the extent applicable to the company.
4) Further to our comments in the annexure referred above' we report
that:
a. We have obtained all the information and explanations' which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as 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 Statement of Profit & Loss dealt with by this
report are in agreement with books of accounts.
d. In our opinion the Balance-Sheet and Statement of Profit and Loss
dealt with by this report complies with Accounting Standards referred
to' in sub-section (3C) of section 211 of the Companies Act'1956.
e. On the basis of written representation received from the Directors
as on 31.03.12 and taken on record by the Board of Directors' we report
that none of the Directors of the company is disqualified from being
ap- pointed as Director in terms of the provisions of Section of
Section 274(l)(g) of the Companies Act' 1956 on the said date.
f. In our opinion and to the best of our information and according to
the explanations given to us' the accounts subject to notes given there
on' give the information's required by the Companies Act' 1956 in the
manner so required and give a true and fair view :
(i) In the case of Balance Sheet' of the state of affairs of company as
at 31st March' 2012 and (ii) In the case of Statement of Profit & Loss'
of Profit of the company for the year ended on that date. (iii) In so
far as it relates to the Cash flow Statement' of the cash flow of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(As referred to in paragraph 3 of our report of even date)
i. (a) The company has maintained proper record showing full
particulars' including quantitative details and situations of its fixed
assets.
(b) As explained to us all assets have been physically verified by the
management at reasonable intervals during the year' no material
discrepancies have been noticed on such verification as compared to the
books records.
(c) No substantial part of fixed assets has been disposed -off by the
company during this year hence there is no effect on going concern.
ii. (a) The clause regarding finished goods and raw material is not
applicable to the company being not a manufacturing or trading company
(b) The clause regarding physical verification of stocks is not
applicable to the company being not a manufacturing or trading company.
(c) The clause regarding material discrepancies in stock is not
applicable to the company being not a manufacturing or trading company.
iii. (a) The Company has taken unsecured loans from companies' firms or
other parties covered in the register maintained under section 301 of
the CompaniesAct. There are total three parties and amount outstanding
as on 31.03.2012 is of Rs.46.66 Lacs. The maximum outstanding during
the year was Rs.54.36 Lacs.
(b) The rate of interest and other terms and conditions of the loan
taken by the company from the parties covered in the register
maintained u/s 301 of the Companies Act' 1956 are not prima-facie
prejudicial to the interest of the company. t
(c) The repayment of principle amount and interest is generally
regular.
(d) The Company has given loans to Directors and their relatives
concerns. There are total two parties and amount outstanding as on 31st
March 2012 is Rs.12.88 Lacs. The Maximum outstanding during the year
was of Rs. 12.88 Lacs. The terms and conditions and rate of interest of
such loans have not been stipulated' hence we are unable to comment
upon above transactions.
iv. According to the information's and explanations given to us' there
are' in our opinion' adequate internal control procedure commensurate
with size of company and nature of its business for the purchase of
inventories' fixed assets and for the sale of goods/services. As
observed by us' there is no Continuing failure to correct major
weakness in the internal control.
v. (a) As informed and explained to us' transactions that need to be
entered into a register in pursuance of section 301 of the Companies
Act' have been entered. (b) In our opinion and according to the
information and explanations given to us' transaction of purchase of
goods and materials made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the companies
Act' 1956' aggregating during the year to Rs.5 Lacs or more in respect
of each party is Nil. vi. As informed and explained to us' the
company has not taken any deposit-covered u/s - 5 8-A of the Companies
Act' 1956.
vii. As informed and explained to us the Company has an internal audit
system commensurate with its size and nature of business.
viii. As informed and Explained to us' the Central Government has not
prescribed maintenance of cost records u/s 209 (i) of the Companies
Act' 1956.
ix. (a) According to information and as per explanation given to us
there is no undisputed amount outstanding as on 31.3.12 investor
Education and Protection Fund' Sales Tax' Service Tax' Cess and any
other statutory dues which wee due for more than six months from the
date they become payable.
b) As informed and explained to us' there is no disputed amount in
respect of Sales Tax' Income Tax' Custom Duty' Wealth Tax' Excise Duty'
Service Tax or Cess' except an Income Tax demand for the A.Y. 1996-97
against which an appeal was pending before the CIT (Appeals)- II'
Indore' relief in assessed Income of Rs.56.45 Lacs is granted by the
Hon'ble CIT( Appeals)-II which reduces our tax demand approximately to
Rs.91.18 Lacs from Rs. 171.85 Lacs and for the balance demand the
company has also filed appeal before the Hon'ble ITAT Indore bench and
the same is pending for decision.
x. The Accumulated losses of the company are not less than fifty
percent of the net worth of the company. In this financial year the
company has earned cash profit of Rs.42908/- and in the preceding
financial year the Company has incurred cash losses of Rs.3'00'493/-
xi. In our opinion and according to the information and explanations
given to us' the company has not defaulted in repayment of dues to
Financial institutions' Banks or debentures holders.
xii. As informed and explained to us the Company has not granted loans
and advances on the basis of securities by way of pledge of shares'
debentures and other similar securities during the year under audit.
xiii. As informed and explained to us the Provision of any Special
Statute applicable to chit fund nidhi' mutual benefit/ society are not
applicable to company.
xiv. As informed and explained to us the Company has maintained proper
records of transactions and contracts in respect of trading in shares'
debentures and other securities and that timely entries have been made
therein. All shares / debentures and other securities have been held by
the company in its own name and / or pending for transfer as they are
market deliveries expect to the extent of exemption if any' granted
under Section 49 of the Companies Act' 1956. There are some shares
which could not be transferred in the name of the company due to some
reasons beyond the control of the company and as informed to us the
company is in the process of getting it transferred from the respective
persons.
xv. As informed and explained to us the company has not given any type
of guarantee for loans taken by others from Bank or any financial
institution.
xvi. The company has not taken any term loan during year.
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' no funds raised for short-term basis have been utilized for Long
Term Investments.
xviii. The Company has not made any preferential allotment of shares
during the year.
xix. No debenture have been issued by the company during this year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. As informed and explained to us no frauds on or by company has
been noticed or reported during the year.
FOR AIREN SALUJA & HABLANI'
CHARTERED ACCOUNTANTS'
FRN:-004588C
Place: Indore CA. SANJAY KUMAR AIREN
Date: 17th August 2012 PARTNER
M.No.073305
Mar 31, 2010
1) We have audited the attached Balance Sheet of M/S PREMIUM CAPITAL
MARKET AND INVESTMENTS LIMITED: INDORE as at 31st March, 2010 and also
the Profit & Loss Account and the cash flow statement for the year ended
on that date annexed thereto. These Financial Statement are the
responsibility of the Companys management. Our Responsibility is to
express an opinion on these financial statements based on our audit.
2) We conducted our audit accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform our
audit to obtain reasonable assurance about whether the evidence
supporting the amount and disclosures in financial statements are free
from material misstatements. An audit includes, examining on the test
basis, evidence supporting the amounts and disclosures in financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by the management as well as
evaluating the overall financial statement presentation .We believed
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, in terms of section 227 (4A) of the
Companies Act, 1956 we give in a statement on the matters specified in
paragraph 4 & 5 of the said order to the extent applicable to the
company.
4) Further to our comments in the annexure referred above, we report
that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as 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 books of accounts.
d. In our opinion the Balance Sheet and Profit & Loss Account dealt
with by this report complies with Accounting Standards referred to, in
sub-section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representation received from the Directors
as on 31.03.10 and taken on record by the Board of Directors, we report
that none of the Directors of the company is disqualified from being
appointed as Director in terms of the provisions of Section 274(l)(g)
of the Companies Act, 1956 on the said date.
f. In our opinion and to the best of our information and according to
the explanations given to us, the accounts subject to notes given there
on, give the informations required by the Companies Act, 1956 in the
manner so required and give a true and fair view:
(i) In the case of Balance Sheet, of the state of affairs of company as
at 31st March, 2010 and
(ii) In the case of Profit and Loss Account, of the Loss of the company
for the year ended on that date.
(iii) In so far it relates to the Cash flow Statement, of the cash flow
of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(As referred to in paragraph 3 of our report of even date)
i. (a) The company has maintained proper record showing full
particulars, including quantitative details and situations of its
fixed assets.
(b) As explained to us all assets have been physically verified by the
management at reasonable intervals during the year, no material
discrepancies have been noticed on such verification as compared to the
books records.
(c) No substantial part of fixed assets has been disposed-off by the
company during this year hence there is no effect on going concern.
ii. (a) The clause regarding finished goods and raw material is not
applicable to the company being not a manufacturing or trading company.
(b)The clause regarding physical verification of stocks is not
applicable to the company being not a manufacturing or trading company.
(c) The clause regarding material discrepancies in stock is not
applicable to the company being not a manufacturing or trading company.
iii. (a) The Company has taken unsecured loans from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act. There are total two parties and amount outstanding
as on 31.03.2010 is Rs. 84.64 Lacs. The maximum outstanding during the
year was Rs. 87.72 Lacs.
(b) The rate of interest and other terms and conditions of the loan
taken by the company from the parties covered in the register
maintained u/s 301 of the Companies Act, 1956 are not prima-facie
prejudicial to the interest of the company.
(c) The repayment of principle amount and interest is generally
regular.
(d) The Company has given loans to Directors and their relatives
concerns. There are total four parties and amount outstanding as on
31st March 2010 is Rs. 34.77 Lacs. The Maximum outstanding during the
year was of Rs. 40.99 Lacs. The terms and conditions and rate of
interest of such loans has not been stipulated, hence we are unable to
comment upon above transactions.
iv. According to the informations and explanations given to us, there
are, in our opinion, adequate internal control procedure commensurate
with size of company and nature of its business for the purchase of
inventories, fixed assets and for the sale of goods/services. As
observed by us, there is no Continuing failure to correct major
weakness in the internal control.
v. (a) As informed and explained to us, transactions that need to be
entered into a register inpursuance of section 301 of the Companies
Act, have been entered.
(b) In our opinion and according to the information and explanations
given to us, transactions of purchase of goods and materials made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the companies Act, 1956, aggregating
during the year to Rs.5 Lacs or more in respect of each party are made
at the prevailing market price.
vi. As informed and explained to us, the company has not taken any
deposit covered u/s - 58-A of the Companies Act, 1956.
vii. As informed and explained to us the Company has an internal audit
system commensurate with its size and nature of business.
viii. As informed and Explained to us, the Central Government has not
prescribed maintenance of cost records u/s 209 (i) (d) of the Companies
Act, 1956.
ix. (a) According to information and as per explanation given to us
there is no undisputed amount outstanding as on 31.3.10 in respect of
income-tax, sales tax, excise duty, customs duty, Provident Fund, ESIC,
Investor Education and Protection Fund, Sales Tax, Service Tax, Cess
and any other statutory dues which wee due for more than six months
from the date they become payable.
b) As informed and explained to us, there is no disputed amount in
respect of Sales Tax, Incpme Tax, Custom Duty, Wealth Tax, Excise Duty,
Service Tax or Cess except Income Tax liability of Rs. 1,71,85,222/-
for the Assessment Year 1996-97, against which an appeal is pending
before CIT (Appeals)-I, Indore.
x. The Accumulated losses of the company are not less than fifty
percent of the net worth of the company. In this financial year the
company has incurred cash losses of Rs. 8,88,678/- and in the preceding
financial year the company has incurred cash losses of Rs. 11,32,519/-.
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
Financial institutions, Banks or debentures holders.
xii. As informed and explained to us the Company has not granted loans
and advances on the basis of securities by way of pledge of shares,
debentures and other similar securities during the year under audit.
xiii. As informed and explained to us the Provision of any Special
Statute applicable to chit fund nidhi, mutual benefit/ society are not
applicable to company.
xiv. As informed and explained to us the Company has maintained proper
records of transactions and contracts in respect of trading in shares,
debentures and other securities and that timely entries have been made
therein. All shares / debentures and other securities have been held by
the company in its own name and / or pending for transfer as they are
market deliveries except to the extent of exemption if any, granted
under Section 49 of the Companies Act, 1956. There are some shares
which could not be transferred in the name of the company due to some
reasons beyond the control of the company and as informed to us the
company is in the process of getting it transferred from the respective
persons.
xv. As informed and explained to us the company has not given any type
of guarantee for loans taken by others from Bank or any financial
institution.
xvi. The company has not taken any term loan during year.
xvii. According to the information and explanations given to us and on
an overall examination of he Balance Sheet of the company, we report
that, no funds raised for short term basis have been utilized for Long
Term Investments.
xviii. The Company has not made any preferential allotment of shares
during the year.
xix. No debenture have been issued by the company during this year.
xx. The Company has not raised any money by way of Public Issue during
the year.
xxi. As informed and explained to us no frauds on or by company has
been noticed or reported during the year.
FOR AIREN SALUJA & HABLANI,
CHARTERED ACCOUNTANTS,
Place: Indore C.A. SANJAY KUMAR AIREN
Date: 9th August 2010 PARTNER
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