Mar 31, 2015
We have audited the accompanying financial statements of M/s. Prime
Capital Market Limited, which comprise the Balance Sheet as at 31st
March 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility 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 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with the ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the 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 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 31st March 2015;
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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid 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.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies Act, 2013 (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our knowledge
and belief and according to the information and explanations given to
us.
i. The Company does not have any pending litigations which would
impact its financial position;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii. The Company was not required to transfer any fund into the
Investors Education and Protection Fund during the year.
Annexure to the Auditors' Report
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our report to the members of M/s. Prime
Capital Market Limited for the year ended 31st March 2015. We report
that:
1. In respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
2. in respect of inventories:
(a) As informed to us, the inventory in the possession of the company
has been physically verified at reasonable intervals during the year by
the management.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion the company is maintaining proper records of its
inventories. According to the information given to us, no discrepancies
were noticed on physical verification of inventories as compared to
book records during the year.
3. in respect of Loans:
(a) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Therefore, the provisions of Clause
3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to
the Company.
4. in respect of internal Controls:
In our opinion and according to the information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in such internal control system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public during the year in
accordance with the provisions of section 73 to 76 of the Act and the
rules framed there under.
6. The Central Government of India has not prescribed the maintenance of
cost records under Section 148(1) of the Act, for any of the service
rendered by the Company.
7. In respect of Statutory dues:
a) According to the books and records of the Company, undisputed
statutory dues including Provident Fund, Income-Tax, Service Tax and
other material statutory dues have been generally regularly deposited
with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six month
from the date of becoming payable.
c) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales tax,
wealth tax, service tax and cess which have not been deposited on
account of any dispute.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during financial year
and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the company does not have any loans from financial
institution or bank or debenture holders as at the balance sheet date
hence this clause is not applicable to the Company.
10. According the information and explanation given to us and records
produced before us, the Company has not given any guarantee for loans
taken by others from banks or financial institution during the year.
Accordingly this clause is not applicable to the Company.
11. In our opinion and according to information and explanation given
to us, the Company has not raised any Terms Loans during the year under
audit or in previous years hence this clause is not applicable to the
Company.
12. According the information and explanation given to us, no instances
of material fraud on or by the Company has been noticed or reported
during the course of our audit.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata
Date : May 29, 2015
Vikash kedia
Partner
Membership No. 066852
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Prime
Capital Market Limited, 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 the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated
13thSeptember, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b) in the case of the Statement of Profit and Loss, of the profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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 Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 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 the Act.
Annexure to the Auditors'' Report
(Referred to in Paragraph 1 of our report of even date)
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The Current Investments / Stock-in-trade have been physically
verified by the management at reasonable intervals during the year. The
procedure of physical verification of stock of shares followed by the
management is reasonable and adequate in relation to the size of the
company and nature of business. The Company is maintaining proper
records of inventory. No discrepancies were noticed on physical
verification of stock of shares as compared to book records.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory due applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at 31st
March 2014, for a period of more than six months from the date they
became payable;
(c) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The Company does not have any accumulated losses
during the financial year covered by our audit but having accumulated
losses in immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The company is dealing or trading in shares, securities,
debenture and other investments. Based on our examination of documents
and records, we are of the opinion that proper records have been
maintained by the company and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long-term
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata
Date : May 29, 2014
Vikash Kedia
Partner
Membership No. 066852
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Prime
Capital Market Limited, which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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 the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 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 Act.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph 1 of our report of even date)
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The Current Investments / Stock-in-trade have been physically
verified by the management at reasonable intervals during the year. The
procedure of physical verification of stock of shares followed by the
management is reasonable and adequate in relation to the size of the
company and nature of business. The Company is maintaining proper
records of inventory. No discrepancies were noticed on physical
verification of stock of shares as compared to book records.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory due applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at 31st
March 2013, for a period of more than six months from the date they
became payable;
(c) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The Company does not have any accumulated losses
during the financial year covered by our audit but having accumulated
losses in immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The company is dealing or trading in shares, securities,
debenture and other investments. Based on our examination of documents
and records, we are of the opinion that proper records have been
maintained by the company and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been used for long-term
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For B. S. Kedia & Co.
Chartered Accountants
ICAI Registration No. 317159E
Place : Kolkata Vikash Kedia
Date : May 30, 2013 Partner
Membership No. 066852
Mar 31, 2011
We have audited the attached Balance Sheet of Prime Capital Market
Limited as at 31 st March 201 I and also the Profit & Loss Account for
the year ended on that day annexed hereto. 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 included
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.
a. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) of
the Companies Act I956, we enclose in the Annexure, a statement on the
matter specified in the said Order to the extent applicable;
b. Further to our comments in the annexure referred to in paragraph I
above -
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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts''
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts dealt with by this
report comply with the accounting standards referred to in sub-section
(3C) of Section 21 I of the Companies Act I956.
v. On the basis of written representations received from the
Directors, as on 3Ist March 201 I, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
3Ist March 20II from being appointed as a Director in terms of clause
(g) of sub-section (I) 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, give the information
required by the Companies Act I956, and give a true and fair view in
conformity with the accounting principles generally accepted in India
:-
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March 201 I;
2. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
(Referred to in Paragraph I of our report of even date)
1. (a) The Company has maintained proper books of records showing full
particulars including quantitative details and situations of fixed
assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal during
the year.
(d) The procedure of physical verification of stock & securities
followed by management are reasonable and adequate in relation to the
size of the Company nature of its business.
(e) The Company has maintained proper record of Inventories. No
discrepancies noticed on physical verification of Investments as
compared to the books & records.
2. The Company does not have any inventories. Accordingly the Clause
4(ii) of the Companies, (Auditors'' Report) Order 2003 is not
applicable.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of business with regard to purchase
and sales. During the course of our Audit, we have not observed any
continuing failure to correct major weakness of internal audit.
5. (a) In our opinion and according the information & explanations
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
(b) In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. The Company has appointed a firm of Chartered Accountants, to carry
out internal audit functions, on broadly reviewing the Audit Reports
furnished before us and information and explanation given to us by the
management, we are of the opinion that the Internal Audit is
commensurate with the size of the Company and the nature of business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(I)(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31 st March 201 I.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has kept adequate records of its transactions
and contracts in shares, securities, debentures and other investments
and timely entries have been made therein. The Shares, Securities,
Debentures and Other Investments are held in the name of the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The Company has not issued any Equity Shares and debentures during
the year.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditors'' Report) Order, 2003
is not applicable.
20. The Company has not raised any money through a Public Issue during
the year under Audit. Accordingly Clause 4(xx) of Companies (Auditors''
Report) Order, 2003 is not applicable.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Manabendra Bhattacharyya & Co.
Chartered Accountants
Place : Kolkata
Date : June 30, 2011
Amit Bhattacharjee
Proprietor
Mar 31, 2010
We have audited the attached Balance Sheet of Prime Capital Market
Limited as at 31st March 2010 and also the Profit & Loss Account for
the year ended on that day annexed hereto. 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 included
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.
a. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) of
the Companies Act 1956, we enclose in the Annexure, a statement on the
matter specified in the said Order to the extent applicable;
b. Further to our comments in the annexure referred to in paragraph 1
above -
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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts''
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts dealt with by this
report comply with the 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 2010, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, give the information
required by the Companies Act 1956, and give a true and fair view in
conformity with the accounting principles generally accepted in India
:-
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
2. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
1. (a) The Company has maintained proper books of records showing full
particulars including quantitative details and situations of fixed
assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal during
the year.
(d) The procedure of physical verification of stock & securities
followed by management are reasonable and adequate in relation to the
size of the Company nature of its business.
(e) The Company has maintained proper record of Inventories. No
discrepancies noticed on physical verification of Investments as
compared to the books & records.
2. The Company does not have any inventories. Accordingly the Clause
4(ii) of the Companies, (Auditors'' Report) Order 2003 is not
applicable.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of business with regard to purchase
and sales. During the course of our Audit, we have not observed any
continuing failure to correct major weakness of internal audit.
5. (a) In our opinion and according the information & explanations
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
(b) In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. The Company has appointed a firm of Chartered Accountants, to carry
out internal audit functions, on broadly reviewing the Audit Reports
furnished before us and information and explanation given to us by the
management, we are of the opinion that the Internal Audit is
commensurate with the size of the Company and the nature of business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31st March 2010.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has kept adequate records of its transactions
and contracts in shares, securities, debentures and other investments
and timely entries have been made therein. The Shares, Securities,
Debentures and Other Investments are held in the name of the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The Company has not issued any Equity Shares and debentures during
the year.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditors'' Report) Order, 2003
is not applicable.
20. The Company has not raised any money through a Public Issue during
the year under Audit. Accordingly Clause 4(xx) of Companies (Auditors''
Report) Order, 2003 is not applicable.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Manabendra Bhattacharyya & Co.
Chartered Accountants
Place : Kolkata
Date : May 31, 2010
Amit Bhattacharjee
Proprietor
Mar 31, 2009
We have audited the attached Balance Sheet of Prime Capital Market
Limited as at 31st March 2009 and also the Profit & Loss Account for
the year ended on that day annexed hereto. 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 included
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.
a. As required by the Companies (Auditors'' Report) Order, 2003
issued by the Department of Company Affairs in terms of Section 227
(4A) of the Companies Act 1956, we enclose in the Annexure, a statement
on the matter specified in the said Order to the extent applicable;
b. Further to our comments in the annexure referred to in paragraph 1
above -
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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts''
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts dealt with by this
report comply with the 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 2009, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2009 from being appointed as a Director in terms of clause
(g) of sub-section (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, give the information
required by the Companies Act 1956, and give a true and fair view in
conformity with the accounting principles generally accepted in India
:-
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009;
2. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
1. (a) The Company has maintained proper books of records showing full
particulars including quantitative details and situations of fixed
assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal during
the year.
(d) The procedure of physical verification of stock & securities
followed by management are reasonable and adequate in relation to the
size of the Company nature of its business.
(e) The Company has maintained proper record of Inventories. No
discrepancies noticed on physical verification of Investments as
compared to the books & records.
2. The Company does not have any inventories. Accordingly the Clause
4(ii) of the Companies, (Auditors'' Report) Order 2003 is not
applicable.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, the Company has not granted
any loans, secured or unsecured to Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of business with regard to purchase
and sales. During the course of our Audit, we have not observed any
continuing failure to correct major weakness of internal audit.
5. (a) In our opinion and according the information & explanations
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
(b) In respect of transactions entered exceeding the value of five lacs
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. The Company has appointed a firm of Chartered Accountants, to carry
out internal audit functions, on broadly reviewing the Audit Reports
furnished before us and information and explanation given to us by the
management, we are of the opinion that the Internal Audit is
commensurate with the size of the Company and the nature of business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State
Insurance Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty,
Excise Duty, CESS and any other statutory dues have been regularly
deposited in time during the year with appropriate authorities and
there are no undisputed statutory dues payable for a period of six
months from the date they became payable as at 31st March 2009.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has kept adequate records of its transactions
and contracts in shares, securities, debentures and other investments
and timely entries have been made therein. The Shares, Securities,
Debentures and Other Investments are held in the name of the Company.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. During the period, the Company has made allotment of shares on
preferential basis. The allotment and the pricing of the shares have
been made in accordance with guidelines laid down in this regard by
SEBI and hence prices at which these have been issued, are prima-
facie, prejudicial to the interest of the Company.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditors'' Report) Order, 2003
is not applicable.
20. The Company has not raised any money through a Public Issue during
the year under Audit. Accordingly Clause 4(xx) of Companies
(Auditors'' Report) Order, 2003 is not applicable.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For M/s. Saral Kumar Ganguly
Chartered Accountants
Place : Kolkata
Date : June 30, 2009
Saral Kumar Ganguly
Proprietor
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