Mar 31, 2015
We have audited the accompanying financial statements of SAUMYA
CONSULTANTS LIMITED ("the Company"), 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 significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Sec 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 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.
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
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments; the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and 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.
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 for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
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
purpose of our audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Section 133 of the Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014.
(e) on the basis of written representations received from the directors
as on 31st March 2015, and 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 sub-section (2) of section 164 of
the Companies Act, 2013.
(f) with respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies(Audit and Auditors) Rules,
2015, in our opinion and to the best of our information and according
to the explanation given to us:
i) The Company has disclosed the impact of pending litigations on its
financial positions in its financial statements.
ii) The Company has made provisions, as required under the applicable
law or Accounting Standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
I) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the Management at
reasonable intervals. According to the information and explanation
given to us, no material discrepancies were noticed on such
verification.
ii) a) The inventory has been physically verified at reasonable
interval by the management. In our
opinion, the frequency of verification is reasonable.
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) The Company has maintained proper records of its inventories. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of accounts.
iii) As per the information and explanation given to us, 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, 2013. Therefore, sub-clause (a), (b) of clause (iii)
of Paragraph 3 of the order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business, for the
purchase of inventories, fixed asset and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in internal control system.
v) The Company has not accepted any deposit from the public as
stipulated under the provisions of section 73 to 76 or any other
relevant provisions of the Companies Act, 2013 and the Rules framed
there under and the directives issued by the Reserve Bank of India.
vi) In our opinion, maintenance of cost records pursuant to the
Companies (Cost Records and audit) Rules, 2014 prescribed by the
Central Government under Section 148(1) of the Companies Act, 2013 are
not applicable to the company.
vii) a) In our opinion and according to the information and
explanations given to us,
Company is generally been regular in depositing with appropriate
authorities undisputed statutory dues, as required under this clause
and applicable to the Company during the year. There is no undisputed
amount payable in respect of aforesaid statutory dues, outstanding for
more than six months from the date they become payable as on 31st
March, 2015.
b) According to the information and explanations given to us, there are
no statutory dues that have not been deposited with the appropriate
authorities on account of any dispute.
c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix) Based on our audit procedure and on the basis of information and
explanations given by the management, the Company has not defaulted in
repayment of dues to financial institutions or banks. The Company has
not issued any debentures.
x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans were applied for
the purpose for which these were obtained.
xii) In our opinion and according to information and explanations given
to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For V.M.D & Associates
Chartered Accountants
Firm's Registration No.326120E
(V. K. Tiwari)
Place: Kolkata Partner
Dated: 30th May, 2015 Membership Number: 063887
Mar 31, 2014
We have audited the accompanying financial statements of SAUMYA
CONSULTANTS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2014, and 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.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity'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, 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 Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 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 purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches;
(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 and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956 read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013;
(e) on the basis of written representations received from the directors
as on 31st March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of 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 AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the Management,
according to the regular programme of physical verification, which in
our opinion is reasonable, having regard to the size of the company and
nature of its fixed assets. No discrepancies were noticed on such
verification.
c) The company has not disposed of any of the fixed assets during the
year so as to affect its going concern status.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation top the size of
the company and the nature of its business.
c) The Company has maintained proper records of its inventories. No
discrepancies were noticed on physical verification.
iii) The company has not granted any loan to company, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. 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.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business, for the
purchase of inventories, fixed asset and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in internal control system.
v) In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements that
are required to be entered in the register maintained under section 301
of the Companies Act, 1956. Accordingly the clause 4(v)(b) of the order
is not applicable.
vi) The Company has not accepted any deposit from the public as
stipulated under the Provisions of section 58A and 58AA of the
Companies Act, 1956.
vii) The Company has an internal audit system which, in our opinion, is
commensurate with the size and nature of its business.
viii) In our opinion maintenance of cost record under clause (d)
sub-section (1) of section 209 of the Companies Act,1956 as prescribed
by the Central Government, are not applicable to the Company
ix) a)In our opinion and according to the information and explanations
given to us, Company is generally been regular in depositing with
appropriate authorities undisputed statutory dues, as required under
this clause and applicable to the Company during the year.
b) According to the information and explanations given to us, there is
no undisputed amount payable in respect of statutory dues, outstanding
for more than six months from the date they become payable as on 31st
March, 2014.
c) According to the information and explanations given to us, there are
no statutory dues that have not been deposited with the appropriate
authorities on account of any dispute.
x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial period.
xi) The Company does not have any borrowings from financial institution
or banks except the hire purchase finance for assets. Based on our
audit procedures and on the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
payment dues on such hire purchase installments.
xii) According to the information and explanations given to us, 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 or nidhi/mutual benefit
fund/society, therefore clause 4(xiii) of the order is not applicable
to the Company.
xiv) In our opinion, proper records have been maintained and timely
entries have been made therein in respect of transaction for dealing or
trading in shares, securities, debentures and other investments and
contracts. The shares, securities and other investments are held by the
Company in its own name.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions during the year.
xvi) In our opinion and on the basis information and explanations given
to us, the Company has not applied or obtained any term loan except a
hire purchase vehicle finance which the company has applied for the
purpose for which it was obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by public issue during the
year.
xxi) In our opinion and according to information and explanations given
to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For S.K.Modi & Associates
Chartered Accountants
FRN: 320317E
(S.K.Modi)
Proprietor
Dated: 31st May, 2014 Membership No.055661
Place : Kolkata
Mar 31, 2013
We have audited the accompanying financial statements of SAUMYA
CONSULTANTS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2013, and 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.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(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 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 purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches;
(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 Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(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 AUDITOR'S REPORT
(Referred to in paragraph 3 of our report of even date)
I) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the Management,
according to the regular programme of physical verification, which in
our opinion is reasonable, having regard to the size of the company and
nature of its fixed assets. No discrepancies were noticed on such
verification.
c) The company has not disposed of any of the fixed assets during the
year so as to affect its going concern status.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation top the size of
the company and the nature of its business.
c) The Company has maintained proper records of its inventories. No
discrepancies were noticed on physical verification.
iii) The company has not granted any loan to company, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. 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.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business, for the
purchase of inventories, fixed asset and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in internal control system.
v) In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements that
are required to be entered in the register maintained under section 301
of the Companies Act, 1956 .Accordingly the clause 4(v)(b) of the order
is not applicable.
vi) The Company has not accepted any deposit from the public as
stipulated under the Provisions of section 58A and 58AA of the
Companies Act, 1956.
vii) The Company has an internal audit system which, in our opinion, is
commensurate with the size and nature of its business.
viii) In our opinion maintenance of cost record under clause (d)
sub-section (1) of section 209 of the Companies Act,1956 as prescribed
by the Central Government, are not applicable to the Company
ix) a) In our opinion and according to the information and explanations
given to us, Company is generally been regular in depositing with
appropriate authorities undisputed statutory dues, as required under
this clause and applicable to the Company during the year.
b) According to the information and explanations given to us, there is
no undisputed amount payable in respect of statutory dues, outstanding
for more than six months from the date they become payable as on 31st
March, 2013.
c) According to the information and explanations given to us, there are
no statutory dues that have not been deposited with the appropriate
authorities on account of any dispute.
x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial period.
xi) The Company does not have any borrowings from financial institution
or banks except the hire purchase finance for assets. Based on our
audit procedures and on the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
payment dues on such hire purchase installments.
xii) According to the information and explanations given to us, 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 or nidhi/mutual benefit
fund/society, therefore clause 4(xiii) of the order is not applicable
to the Company.
xiv) In our opinion, proper records have been maintained and timely
entries have been made therein in respect of transaction for dealing or
trading in shares, securities, debentures and other investments and
contracts. The shares, securities and other investments are held by the
Company in its own name.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions during the year.
xvi) In our opinion and on the basis information and explanations given
to us, the Company has not applied or obtained any term loan except an
hire purchase vehicle finance which the company has applied for the
purpose for which it was obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by public issue during the
year.
xxi) In our opinion and according to information and explanations given
to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For S.K.Modi & Associates
Chartered Accountants
S.K.Modi
Proprietor
Membership. No. 55661
Dated: 8th July,2013. FRN: 320317E
Mar 31, 2012
1. We have audited the attached Balance Sheet of SAUMYA CONSULTANTS
LIMITED as at 31stMarch, 2012, the statement of Profit & Loss Account
and also the Cash Flow Statement 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 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 from material misstatement. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
4. Further to our comment in the annexure referred to in Paragraph 3
above, we report that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for my audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company, so far as appears from our examination of the
books.
c. The Balance Sheet, Statement of Profit and Loss account and Cash
Flow Statement dealt with by this report are in agreement with the
books of Accounts.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss
account and Cash Flow Statement dealt by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e. On the basis of written representations received from directors and
taken on record by the Board of Directors, we report that none of the
director is disqualified from being appointed as a director under
clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956
as on March, 2012.
g. In our opinion and to the best of our knowledge and according to the
explanation given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner as required, and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012.
ii) In the case of Statement of Profit & Loss Account, of the profit of
the Company for the year ended on that date, and
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 3 of our report of even date)
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Fixed assets have been physically verified by the Management,
according to the regular programme of physical verification, which in
our opinion is reasonable, having regard to the size of the company and
nature of its fixed assets. No discrepancies were noticed on such
verification.
c) The company has not disposed of any of the fixed assets during the
year so as to affect its going concern status.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation top the size of
the company and the nature of its business. c)The Company has
maintained proper records of its inventories. No discrepancies were
noticed on physical verification.
iii) The company has not granted any loan to company, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. 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.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and nature of its business, for the
purchase of inventories, fixed asset and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in internal control system.
v) In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements that
are required to be entered in the register maintained under section 301
of the Companies Act, 1956. Accordingly the clause 4(v)(b) of the order
is not applicable.
vi) The Company has not accepted any deposit from the public as
stipulated under the Provisions of section 58A and 58AA of the
Companies Act, 1956.
vii) The Company has an internal audit system which, in our opinion, is
commensurate with the size and nature of its business.
viii) In our opinion maintenance of cost record under clause (d)
sub-section (1) of section 209 of the Companies Act,1956 as prescribed
by the Central Government, are not applicable to the Company
ix) a) In our opinion and according to the information and explanations
given to us, Company is generally been regular in depositing with
appropriate authorities undisputed statutory dues, as required under
this clause and applicable to the Company during the year.
b) According to the information and explanations given to us, there is
no undisputed amount payable in respect of statutory dues, outstanding
for more than six months from the date they become payable as on 31st
March, 2012.
c) According to the information and explanations given to us, there are
no statutory dues that have not been deposited with the appropriate
authorities on account of any dispute.
x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial period.
xi) The Company does not have any borrowings from financial institution
or banks except the hire purchase finance for assets. Based on our
audit procedures and on the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
payment dues on such hire purchase installments.
xii) According to the information and explanations given to us, 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 or nidhi/mutual benefit
fund/society, therefore clause 4(xiii) of the order is not applicable
to the Company.
xiv) In our opinion, proper records have been maintained and timely
entries have been made therein in respect of transaction for dealing or
trading in shares, securities, debentures and other investments and
contracts. The shares, securities and other investments are held by the
Company in its own name.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions during the year.
xvi) In our opinion and on the basis information and explanations given
to us, the Company has not applied or obtained any term loan except an
hire purchase vehicle finance which the company has applied for the
purpose for which it was obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) The Company has not issued any debentures during the year.
xx) The Company has not raised any money by public issue during the
year.
xxi) In our opinion and according to information and explanations given
to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For S.K.Modi & Associates
Chartered Accountants Proprietor
S.K.Modi
Dated: 10th August, 2012. Membership No.055661
FRN: 320317E
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