Mar 31, 2015
We have audited the accompanying financial statements of Provestment
Services Limited ("The Company"), which comprise the Balance Sheet as
at March 31, 2015, 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 Standalone 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 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 maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting 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 controls, 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.
3. 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 Standards on Auditing
specified under section 143(10). 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 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 internal financial control relevant
to the Company's preparation of the financial statements that give a
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 the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit 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. Emphasis of Matters *(only if applicable)
(a) Without qualifying our opinion, we draw attention to note no. 3.38
to the financial statements which describes the amount recoverable
under joint venture amounting Rs. 5,04,36,946/- whereas we are unable
to comment on recovery of the said amount as the company has not make
any provision against the said amount.
(b) Without qualifying our opinion, we draw attention to note no. 3.32
to the financial statements regarding with the related parties. There
were material transactions with the various related parties with whom
the company entered into contract.
6. 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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that: a (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, 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
(f) The company has adequate internal financial controls system in
place and such control are operating effectively.
(g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would impact
its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Auditors' Report (Year 2014-2015)
(h) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year. As informed to us, the discrepancies
noticed during such physical verification, which are pending
reconciliation/adjustment, are not material in nature. In our opinion,
the verification programme should be such that all assets are verified
at least once in every three years and physical verification should be
properly documented.
ii) (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of Foreign
Currencies, Shares and Securities followed by the management are
adequate in relation to the size of the company and the nature of its
business.
(c) The Company has maintained proper records of inventory of foreign
currency and no discrepancies were noticed on physical verification as
compared with the book records but as regards Shares and Securities no
proper records have been maintained.
iii) 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 Companies Act. Accordingly, paragraph
3(iii)(a) and 3(iii)(b) of the order is not applicable to the company.
iv) In our opinion and according to the information and explanation
given to us, the company has an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory (currency, shares &
securities), and with regard to the sale of inventory (currency, shares
& securities).
v) According to the information and explanation given to us, the
company has not accepted any deposits from the public during the year
covered by our audit report.
vi) The maintenance of cost records under sub section (1) of section
148 of the Companies Act, 2013, is not applicable to the Company.
vii) (a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company with the appropriate authorities in India.
(b) According to the records of the company, there are no dues of
sales-tax, income-tax, service tax, customs tax, wealth-tax, excise
duty, cess which have not been deposited on account of any dispute.
(c) According to the information and explanation given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
companies act,1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
viii) The Company has no accumulated losses at the end of the financial
year The company has not incurred any cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
ix) Based on our Audit Procedures and on the information and
explanation given to us by the management, in our opinion, the company
has not defaulted in repayment of dues to a financial institution, bank
or debenture holders.
x) According to the information and explanation given to us, the
company has provided corporate guarantee for Euro 2,41,993.11
(Equivalent INR 1,62,80,000 as on 31.03.2015) favouring UBS AG
Switzerland on behalf of Pro Labels Private Limited. In our opinion,
the terms and conditions whereof are not prejudicial to the interest of
the company.
xi) On the basis of the review of utilization of funds pertaining to
term loans on an overall basis and related information made available
to us, the term loan taken by the company have been applied for the
purposes for which they are obtained.
xii) To the best of our knowledge and belief, and according to the
information and explanation given to us, and records of the Company
examined by us, no fraud on or by the Company has been noticed or
reported during the course of our audit.
Place: New Delhi
Date: 30.05.2015
(CA. Arun Ahuja) Partner
For Ahuja Arun & Co.
Chartered Accountants
M No.089709, FRN-012985N
Mar 31, 2014
We have audited the accompanying financial statements of Provestment
Services Limited which comprise the Balance Sheet as at March 31, 2014
and the Statement of Profit and Loss Account and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
Accounting Standards notified under the Companies Act 1956 (the Act)
read with the General Circular 15/2013 dated 13* September, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirement and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements, whether due to
fraud and 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 qualified 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 Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
Emphasis of Matter
Without qualifying our opinion, we draw attention to note no. 3.31,
3.35 & 3.36 regarding transactions with related parties. There was
material movement of funds at various times among related parties with
whom the companies entered into contracts.
Report on Other Legal and Regulatory Requirements
1. 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 Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the order.
2. As required by the section 227(3) of the Act, we report that:
a) We have obtained all the information and explanation, 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 law have
been kept by the company so far as appears from our examination of
those books (and proper returns adequate for the purposes of our audit
have been received from branches not visited by us);
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 (and with the returns received from branches not visited by
us);
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting notified under 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 written representations received from the Directors,
as on 31s1 March, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 3151 March, 2014 from
beinsj appointed as a Director in terms of clause
Annexure to the Auditors'' Report (Year 2013-2014)
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year. As informed to us, the discrepancies
noticed during such physical verification, which are pending
reconciliation/adjustment, are not material in nature. In our opinion,
the verification programme should be such that ail assets are verified
at least once in every three years and physical verification should be
properly documented.
(c) The company has not disposed off a*substantial part of its fixed
assets during the year and the going concern status of the company is
not affected except the vehicles sold for Rs. 10.75 lacs but it does
not affect the going concern of the company.
2. (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of Foreign
Currencies, Shares and Securities followed by the management are
adequate in relation to the size of the company and the nature of its
business,
(c) The Company has maintained proper records of inventory of foreign
currency and no discrepancies were noticed on physical verification as
compared with the book records but as regards Shares and Securities no
proper records have been maintained.
3. In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The Company has given loans to two parties covered in the register
maintained under section 301 of the Act. The opening balance is Rs.
Nil, maximum amount outstanding at any time during the year is Rs 2.21
lacs and closing balance is Rs.Nil.
(b) As per the information and records made available, the rate of
interest and other terms and conditions of loans granted by the company
are prima facie not prejudicial to the interest of the company except
to the extent that there are no covenants with regard to the
repayment/payment of loan and interest thereon and security;
(c) In respect of aforesaid loans granted, whether the amount
(principal as well as interest) has been repaid/paid regularly or not
cannot be commented upon, as there is no stipulation as regard to the
repayment/ payment of the amount;
(d) As per the information given to us and on the basis of records made
available to us, the company has taken reasonable steps for the
recovery of the overdue amount;
(e)As per the information and records made available, the Company has
taken unsecured loans from two companies listed in the register
maintained under section 301 of the Act. The opening balance is Rs.
Nil, the maximum amount involved at any time during the period was
aggregating to Rs. 159 lacs and the closing balance is Rs. 140 lacs.
(f) As per the information and records made available, the rate of
interest and other terms and conditions of loans taken by the Company
are prima facie not prejudicial to the interest of the company.
(g) In respect of aforesaid loans taken, whetner the amount (principal
as well as interest) has been paid regularly or not cannot be commented
upon, as there is no stipulation as regard to the repayment of the
amount;
4. In our opinion and according to the information and explanation
given to us, the company has an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory (currency, shares &
securities), and with regard to the sale of inventory (currency shares
& securities).
5. (a) As explained to us and 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 particulars of contracts or
arrangements that need to be entered into the register maintained under
Section 301 have been so entered.
(b) As explained to us and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements under Section 301 and exceeding the value of five lac
rupees in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public during the year
covered by our audit report in respect to provisions of sections 58A,
58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business,
8. The maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956, is not applicable to the Company.
9. (a) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, and cess were outstanding,
as at 31st March, 2014 for a period of more than six months from the
date they become payable.
(b) According to the records of the company, there are no dues of
sales-tax, income- tax, service tax, customs tax, wealth-tax, excise
duty, cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year The company has not incurred any cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
11. Based on our Audit Procedures and on the information and
explanation given to us by the management, in our opinion, the company
has not defaulted in repayment of dues to a financial institution, bank
or debenture holders.
12. 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, debentures and other securities.
13. The company is not a chit fund or a nidhi/mutual benefit
fund/society, therefore, the clause 4 (xiii) of the Order is not
applicable to the company
14. a) According to the information and explanations given to us
proper records have been maintained in respect of the transactions and
contracts and timely entries have been made therein in respect of
shares, securities, debentures and other investments dealt with or
traded by the company;
b) As explained to us, the Shares, Securities or Debentures and other
securities have been held by the Company, in its own name.
15. According to the information and explanation given to us, the
company has provided corporate guarantee for Euro 3,63,000 (Equivalent
INR 298.30 lacs as on 31.03.2014) favouring UBS AG Switzerland on
behalf of Pro Labels Private Limited. In our opinion, the terms and
conditions whereof are not prejudicial to the interest of the company.
16. On the basis of the review of utilization of funds pertaining to
term loans on an overall basis and related information made available
to us, the term loan taken by the company have been applied for the
purposes for which they are obtained.
17. According to the Cash Flow Statement and other records examined by
us and the information and explanation given to us, on an overall
basis, funds raised on short- term basis have not prima facie, been
used during the year for long - term investment and vice versa except
permanent working capital.
18. We are informed that the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities or charges in respect of
debentures issued does not arise.
20. During the financial year covered by our audit, the company has
not raised any money by way of public issue.
21. To the best of our knowledge and belief, and according to the
information and explanation given to us, and records of the Company
examined by us, no fraud on or by the Company has been noticed or
reported during the course of our audh.
For Ahuja Arun & Co.
Chartered Accountants
Sd/-
(CA. Arun Ahuja)
Partner
M No.089709, FRN-012985N
Place: New Delhi
Date: 30/05/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Provestment
Services Limited which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profit and Loss Account and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirement and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements, whether due to
fraud and 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 Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
Emphasis of Matter
Without qualifying our opinion, we draw attention to note no. 3.30
regarding transactions with related parties. There was material
movement of funds at various times among related parties with whom the
companies entered into contracts.
Report on Other Legal and Regulatory Requirements
1. 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 Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the order.
2. As required by the section 227(3) of the Act, we report that:
a) We have obtained all the information and explanation, 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 law have
been kept by the company so far as appears from our examination of
those books (and proper returns adequate for the purposes of our audit
have been received from branches not visited by us);
c) The Balance Sheet, Profit and Loss account and Cash flow statement
dealt with by this report are in agreement with the books of account
(and with the returns received from branches not visited by us);
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 Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013 from being
appointed as a Director in terms of clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditors'' Report (Year 2012-2013)
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As informed to us, the fixed assets have been physically verified
by the management during the year. As informed to us, the discrepancies
noticed during such physical verification, which are pending
reconciliation/adjustment, are not material in nature. In our opinion,
the verification programme should be such that all assets are verified
at least once in every three years and physical verification should be
properly documented.
2. (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of Foreign
Currencies, Shares and Securities followed by the management are
adequate in relation to the size of the company and the nature of its
business.
(c) The Company has maintained proper records of inventory of foreign
currency and the discrepancies were noticed on physical verification as
compared with the book records.
3. (a) As per the information and records made available, the Company
has granted unsecured loans to five companies listed in the register
maintained under section 301of the Act. The maximum amounts involved
during the period were aggregating to Rs. 1.07crores with nil balances
as at the close of year.
(b) As per the information and records made available, the rate of
interest and other terms and conditions of loans granted by the company
are prima facie not prejudicial to the interest of the company except
to the extent that there are no covenants with regard to the
repayment/payment of loan and interest thereon and security;
(c) In respect of aforesaid loans granted, whether the amount
(principal as well as interest) has been repaid/ paid regularly or not
cannot be commented upon, as there is no stipulation as regard to the
repayment/ payment of the amount;
(d) As per the information given to us and on the basis of records made
available to us, the company has taken reasonable steps for the
recovery of the overdue amount;
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory (currency, shares & securities), and with
regard to the sale of inventory (currency, shares & securities) subject
to the internal control procedure need to be strengthened. We are
informed that the management is taking further steps to strengthen the
internal control procedures.
5. (a) As explained to us and 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 particulars of contracts or
arrangements that need to be entered into the register maintained under
Section 301 have been so entered.
(b) As explained to us and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements under Section 301 and exceeding the value of five lac
rupees in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public during the year
covered by our audit report in respect to provisions of sections 58A,
58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
7. The Company has an internal audit system, the scope and coverage of
which in our opinion, is required to be enlarged to be commensurate
with the size and nature of its business.
8. The maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956, is not applicable to the Company.
9. According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, and cess were outstanding,
as at 31st March, 2013 for a period of more than six months from the
date they become payable.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses during the financial year.
11. Based on our Audit Procedures and on the information and
explanation given to us by the management, in our opinion, the company
has not defaulted in repayment of dues to a financial institution, bank
or debenture holders.
12. 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, debentures and other securities.
13. The company is not a chit fund or a nidhi/mutual benefit
fund/society, therefore, the clause 4 (xiii) of the Order is not
applicable to the company
14. a) According to the information and explanations given to us
proper records have been maintained in respect of the transactions and
contracts and timely entries have been made therein in respect of
shares, securities, debentures and other investments dealt with or
traded by the company;
b) As explained to us, the Shares, Securities or Debentures and other
securities have been held by the Company, in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. On the basis of the review of utilization of funds pertaining to
term loans on an overall basis and related information made available
to us, the term loan taken by the company have been applied for the
purposes for which they are obtained.
17. According to the Cash Flow Statement and other records examined by
us and the information and explanation given to us, on an overall
basis, funds raised on short-term basis have not prima facie, been used
during the year for long  term investment and vice versa except
permanent working capital.
18. We are informed that the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities or charges in respect of
debentures issued does not arise.
20. During the financial year covered by our audit, the company has
not raised any money by way of public issue.
21. To the best of our knowledge and belief, and according to the
information and explanation given to us, and records of the Company
examined by us, no fraud on or by the Company has been noticed or
reported during the course of our audit.
Place: New Delhi
Date: 30/05/2013 Sd/-
(CA. Arun Ahuja)
Partner For Ahuja Arun& Co.
Chartered Accountants
M No.089709, FRN-012985N
Mar 31, 2012
1) We have audited the attached Balance Sheet of Provestment Services
Limited as at 31st March 2012, and also the Profit and loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2) We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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' Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4) Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanation, 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 law have
been kept by the company so far as appears from our examination of
those books.
c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the accounts comply with the accounting standards
referred to in section 211 3C of Companies Act, 1956.
e) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause (g) of sub
section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, they said Balance Sheet and Profit and
Loss Account, together with notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012.
I) In the case of the Profit & Loss Account, of the profit for the year
ended on that day.
II) In the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
PROVESTMENT SERVICES LIMITED
Annexure to the Auditors' Report (Year 2011-2012)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off any Fixed Assets
during the year.
2. (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining reasonable proper
records of inventory. The discrepancies noticed on verification between
the physical stocks and the book records were not material.
3. i) According to information and explanation given to us, during the
year the company has not granted any loans, secured or unsecured to
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. However, during the year the company
has applied shares worth Rs 777.66 lacs in three companies covered in
the register maintained under section 301 of the Companies Act 1956.
Due to non allotment of shares, the company received refund of share
application money amounting Rs. 857.51 lacs. During the year, the
Company has advanced Rs. 300 lacs to one of the Party covered in the
register maintained under section 301 for Joint Venture in Real Estate
Business.
ii) According to information and explanation given to us, 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 Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory (currency, shares & securities), fixed assets
and with regard to the sale of inventory (currency, shares &
securities). During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (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 particulars of contracts or arrangements that need
to be entered into the register maintained under Section 301 have been
so entered.
(b) According to the information and explanation given to us, the
transactions made in pursuance of contracts or arrangements entered in
the registers maintained under Section 301 and exceeding the value of
five lac rupees in respect of any party during the year have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public during the year
covered by our audit report in respect to provisions of sections 58A,
58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and nature of its business.
8. The rules made by the Central Government for the maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 not
applicable to the Company.
9. According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, cess were outstanding, as
at 31st March, 2012 for a period of more than six months from the date
they become payable.
10. The Company does not have any accumulated losses. The Company has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
11. According to the information and explanation given to us by the
management, we are of the opinion that the company has not defaulted in
repayment of dues to a financial institution, bank or debenture
holders.
12. According to the information and explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi /mutual benefit fund /
society, therefore, the clause 4 (xiii) of the Order is not applicable
to the company.
14. The Company is maintaining reasonable proper records of the
transactions and contracts for dealing or trading in Shares, Securities
or Debentures and other investments. As per information and
explanations given to us, the Shares, Securities or Debentures and
other instruments have been held by the Company in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has taken ODP limit against assets of the company from
Punjab & Sind Bank. The opening and closing balances outstanding
amounting Rs. 3.13 crores and Rs. 4.77 crores respectively.
17. In our opinion and according to the information and explanation
given to us, the funds raised on short-term basis have not been used
for long-term investments and vice versa.
18. We are informed that the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities or charges in respect of
debentures issued does not arise.
20. During the financial year covered by our audit, the company has
not raised any money by way of public issue.
21. Based upon the audit procedures performed and as per information
and explanation given by the management, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
Place: New Delhi
Date: 14/08/2012
(CA. Arun Ahuja)
Partner
For Ahuja Arun & Co.
Chartered Accountants
M No.089709, FRN-012985N
Mar 31, 2011
1) We have audited the attached Balance Sheet of Provestment Services
Limited as at 31st March 2011, and also the Profit and loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the Company's Management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2) We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstate- ment. 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 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' Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4) Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanation, 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 law have
been kept by the company so far as appears from our examination of
those books.
c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the accounts comply with the accounting standards
referred to in section 211 3C of Companies Act, 1956.
e) On the basis of written representations received from the Directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a Director in terms of clause (g) of sub
section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and Profit and Loss
Account, together with notes thereon, give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
I) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011.
II) In the case of the Profit & Loss Account, of the profit for the
year ended on that day.
III) In the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
Annexure to the Auditors' Report (Year 2010-2011)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verifi ca- tion which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has disposed off vehicle for Rs. 0.85
lacs, but the same does not affected the concept of going concern of
the company.
2. (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining rea- sonable proper
records of inventory. The discrepancies noticed on verification between
the physical stocks and the book records were not material.
3. i) According to information and explanation given to us, during the
year the company has not granted any loans, secured or unsecured to
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. However, during the year the company
has applied shares worth Rs 1054.30 lacs in five companies covered in
the reg- ister maintained under section 301 of the Companies Act 1956.
Due to non allotment of shares, the company received refund of share
application money amounting Rs. 921.30 lacs. As at the close of year,
the share application money pend- ing allotment with these companies
amounting Rs. 133.00 Lacs.
ii) According to information and explanation given to us, 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 Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control system com- mensurate
with the size of the company and the nature of its business with regard
to purchases of inventory (currency, shares & securities), fixed assets
and with regard to the sale of inventory (currency, shares &
securities). During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanation provided by the manage- ment, we are of
the opinion that the particulars of contracts or arrangements that need
to be entered into the register maintained under Section 301 have been
so entered.
(b) According to the information and explanation given to us, the
transactions made in pursuance of contracts or arrangements entered in
the registers maintained under Section 301 and exceeding the value of
five lac rupees in respect of any party during the year have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public during the year
covered by our audit report in respect to provisions of sections 58A,
58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion , the company has an internal audit systems
commensurate with the size of the company and nature of its business.
8. The rules made by the Central Government for the maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 not
applicable to the Company.
9. According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, cess were outstanding, as
at 31st March, 2011 for a period of more than six months from the date
they become payable.
10. The Company does not have any accumulated losses. The Company has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
11. According to the information and explanation given to us by the
management, we are of the opinion that the company has not defaulted in
repayment of dues to a financial institution, bank or debenture
holders.
12. According to the information and explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi /mutual benefit fund /
society, therefore, the clause 4 (xiii) of the Order is not applicable
to the company
14. The Company is maintaining reasonable proper records of the
transactions and contracts for dealing or trading in Shares, Securities
or Debentures and other investments. As per information and
explanations given to us, the Shares, Securities or Debentures and
other instruments have been held by the Company in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has taken ODP limit against assets of the company from
Punjab & Sind Bank. The opening and closing balances outstanding
amounting Rs. 2.42 crores and Rs. 3.13 crores respectively.
17. In our opinion and according to the information and explanation
given to us, the funds raised on short-term basis have not been used
for long-term investments and vice versa.
18. We are informed that the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities or charges in respect of
debentures issued does not arise.
20. During the financial year covered by our audit, the company has
not raised any money by way of public issue.
21. Based upon the audit procedures performed and as per information
and explanation given by the management, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
(CA. Arun Ahuja)
Partner For Ahuja Arun & Co.
Chartered Accountants
M No.089709, FRN-012985N
Place : New Delhi
Date : 18/08/2011
Mar 31, 2010
1) We have audited the attached Balance Sheet of Provestment Services
Limited as at 31st March 2010, and also the Profit and loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the CompanyÃs 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 misstate- ment. 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 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 (Auditorsà Report) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4) Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanation, 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 law have
been kept by the company so far as appears from our examination of
those books.
c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the accounts comply with the accounting standards
referred to in section 211 3C of Companies Act, 1956.
e) 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;
f) In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and Profit and Loss
Account, together with notes thereon, give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
I) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010.
II) In the case of the Profit & Loss Account, of the profit for the
year ended on that day.
III) In the case of the Cash Flow Statements, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORSÃ REPORT (Year 2009-2010)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. There is a regular programme of verifi ca- tion which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has disposed off vehicle for Rs. 1.80
lacs, but the same does not affected the concept of going concern of
the company.
2. (a) The inventory of Foreign Currencies, Shares and Securities has
been physically verified at reasonable intervals by the management.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in rela- tion to the size of
the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining rea- sonable proper
records of inventory. The discrepancies noticed on verification between
the physical stocks and the book records were not material.
3. i) According to information and explanation given to us, the company
has during the year not granted any loans, secured or unsecured to
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. During the year the company has
applied shares worth Rs 34.30 lacs in four companies covered in the
register maintained under section 301 of the Companies Act, but due to
non allotment of shares the same was received as refund by the company.
ii) According to information and explanation given to us, 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 Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control system com- mensurate
with the size of the company and the nature of its business with regard
to purchases of inventory (currency, shares & securities), fixed assets
and with regard to the sale of inventory (currency, shares &
securities). During the course of our audit, no major weakness has been
noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and according to the
information and explanation provided by the manage- ment, we are of the
opinion that the particulars of contracts or arrangements that need to
be entered into the register maintained under Section 301 have been so
entered.
(b) According to the information and explanation given to us, the
transactions made in pursuance of contracts or arrange- ments entered
in the registers maintained under Section 301 and exceeding the value
of five lac rupees in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to the information and explanation given to us, the
company has not accepted deposits from the public during the year
covered by our audit report in respect to provisions of sections 58A,
58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and nature of its business.
8. The rules made by the Central Government for the maintenance of
cost records under Section 209(1)(d) of the Companies Act, 1956 not
applicable to the Company.
9. According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, cess were outstanding, as
at 31st March, 2010 for a period of more than six months from the date
they become payable.
10. The Company does not have any accumulated losses. The Company has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
11. According to the information and explanation given to us by the
management, we are of the opinion that the company has not defaulted in
repayment of dues to a financial institution, bank or debenture
holders.
12. According to the information and explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi /mutual benefit fund /
society, therefore, the clause 4 (xiii) of the Order is not applicable
to the company
14. The Company is maintaining reasonable proper records of the
transactions and contracts for dealing or trading in Shares, Securities
or Debentures and other investments. As per information and
explanations given to us, the Shares, Securities or Debentures and
other instruments have been held by the Company in its own name.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has taken ODP limit against assets of the company from
Punjab & Sind Bank. The opening and closing balances outstanding
amounting Rs. 2.25 crores and Rs. 2.43 crores respectively.
17. In our opinion and according to the information and explanation
given to us, the funds raised on short-term basis have not been used
for long-term investments and vice versa.
18. We are informed that the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities or charges in respect of
debentures issued does not arise.
20. During the financial year covered by our audit, the company has
not raised any money by way of public issue.
21. Based upon the audit procedures performed and as per information
and explanation given by the management, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
FOR AHUJA ARUN & CO.
Chartered Accountants
Sd/-
(ARUN AHUJA)
Partner
Place : New Delhi
Dated : 17/07/2010
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