Mar 31, 2016
INDEPENDENT AUDITORS'' REPORT
To,
The Members of
Scintilla Commercial & Credit Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of SCINTILLA COMMERCIAL & CREDIT LIMITED (the Company), which comprise the balance sheet as at 31st March 2016, 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 Standalone Financial Statements
The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone 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 misstatements, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidences 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 misstatements in 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. 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 evidences we have obtained are sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
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, of the state of affairs of the Company as at 31st March 2016 and its Profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2016 ("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, a statement on the matters specified in the paragraph 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 purposes of our audit.
b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of accounts;
d. In our opinion, the aforesaid standalone 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 2016 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March 2016 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
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:
a. The Company does not have any pending litigations which would impact its financial position.
b. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses. However the Company does not have any ongoing long-term contracts including derivative contracts as on the Balance sheet date.
c. There are no such amounts appearing in the books which are required to be transferred to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our report of even date to the members of SCINTILLA COMMERCIAL & CREDIT LIMITED
on accounts of the Company for the year ended on March 31, 2016.
In our opinion and to the best of our information and according to the explanations given to us we certify that:
i. Based on our scrutiny of the Companyâs Books of Accounts and other records and according to the information and explanations received by us from the Management, we are of the opinion that the question of commenting on the maintenance of proper records of fixed assets, physical verification of fixed assets and title of fixed assets does not arise since the Company had no fixed assets as on 31.03.2016.
ii. Physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies were noticed, and they have been properly dealt with in the books of account.
iii. The company has not granted any loans secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
iv. In respect of the loans provided & investments made, the provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.
v. The Company has not accepted any Loan during the financial year. The company has overdrawn facility in Bank against Fixed Deposit
vi. Maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 was not applicable during the financial year.
vii. (a) The company is regular in depositing undisputed statutory dues including, income-tax, sales-tax, service tax,
duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned were not for a period of more than six months from the date they became payable.
(b) No dues of income tax, or sales tax or service tax or duty of customs or duty of excise or value added tax were required to be deposited on account of any dispute.
viii. The company has not defaulted in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders.
ix. No moneys were raised by way of initial public offer or further public offer (including debt instruments).
x. That no instance of any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
xii. The Company is not a Nidhi Company as defined under the provisions of the Companies Act 2013, and that the Nidhi Rules, 2014 were not applicable on the company.
xiii. All transactions with the related parties were conducted under sections 177 and 188 of Companies Act, 2013. And, the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards;
xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence requirements under section 42 of the Companies Act, 2013 were not attracted.
xv. The company has not entered into any non-cash transactions with directors or persons connected with him and hence the provisions of section 192 of Companies Act, 2013 were not attracted.
xvi. The company is a Non deposit taking systemically not important NBFC and is duly registered under section 45-IA of the Reserve Bank of India Act, 1934.
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")
We have audited the internal financial controls over financial reporting of M/s. SCINTILLA COMMERCIAL & CREDIT LIMITED ("the Company") as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For S. K. Rungta & Co.
Chartered Accountants FRN:308081E
S. K. Rungta
Place: Kolkata (Proprietor)
Date: 30/05/2015 Membership No. 13860
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Scintilla Commercial & Credit Limited (the Company), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and the Cash Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
Management's Responsibility for the 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 standalone 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 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 aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
(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;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143 (11)
of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and the 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 31 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) 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. In our opinion and as per the information and explanation provided
to us, the Company has no impact to be disclosed on pending litigations
on its financial position in its financial statement;
ii. In our opinion and as per the information and explanation provided
to us, the Company has not entered into any long term contracts
including derivative contracts, requiring provision under applicable
laws or accounting standards, for material foreseeable losses.
iii. There were no amounts required to be transferred to the Investor
Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our report of even date to the members of
Scintilla Commercial & Credit Limited on accounts of the Company for
the year ended on March 31, 2015.
1. Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets and
physical verification of fixed assets does not arise since the Company
had no fixed assets as on 31.03.2015.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our view and according to the information and explanations given
to us, 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 inventories. As per
the information and explanation given to us, no material discrepancies
were noticed on physical verification.
3. The Company has not granted any loan secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Therefore, the provision
of Clause 3(iii), (iii)(a) and (iii)(b) of the said Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public.
Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015
are not applicable to the Company.
6. The provisions of clause 3(vi) of the Companies (Auditor's Report)
Order, 2015 pertaining to maintenance of cost records are not
applicable to the Company as it is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31, 2015
for a period of more than six months from the date of becoming payable.
(b) According to the information and explanations given to us, there
are no material dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess which have not been deposited with the appropriate authorities on
account of dispute under the provisions of Clause (vii) (b) of
paragraph 3 of the CARO 2015 are not applicable to the Company.
(c) According to the information and explanations given to us, no
amount was required to be transferred to Investor Education &
Protection Fund in accordance with the relevant provisions of the Act.
8. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
10. The Company has not given any guarantees for loans taken by others
from banks and financial institutions.
11. The Company did not have any term loans outstanding during the
year.
12. In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on or by the
Company has been noticed or reported during the course of our audit.
For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S. K. Rungta
Place: Kolkata (Proprietor)
Date: 30/05/2015 Membership No. 13860
Mar 31, 2014
We have audited the accompanying financial statements of Scintilla
Commercial & Credit Limited (''the Company'') which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
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 March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
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
(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 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 March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(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.
The Annexure referred to in paragraph 1 of Our Report of even date to
the members of Scintilla Commercial & Credit Limited on the accounts of
the company for the year ended 31st March, 2014
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. Based on our scrutiny of the Company''s Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2014.
2. (a) As explained to us, stock of shares and securities have been
physically verified during the year by the management at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted unsecured loans to one party listed in the register maintained
under Section 301 of the Companies Act, 1956. In respect of the said
loans, the maximum amount outstanding at any time during the year was
Rs. 154993 and the year- end balance is NIL.
(b) In our opinion and according to the information and explanations
given to us, the loan given by the company was not prima facie
prejudicial to the interest of the Company.
(c) The receipt of principal amount and interest are also regular in
respect of the above loans.
(d) There is no overdue amount more than Rupees one lakh; hence this
sub-clause is not applicable.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses
(f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and payment for expenses &
for sale of goods. During the course of our audit, no major instance
of continuing failure to correct any weaknesses in the internal
controls has been noticed.
5. a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has entered into any contract or arrangement referred to in
section 301 of the Companies Act, 1956.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds Five Lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to the information and explanations provided by the
Management, the provisions of section 209(1) (d) of the Companies Act,
1956 do not apply to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. 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 borrowed from Financial Institution, Bank or
Debentures.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is dealing in Shares, Securities & other Investments. Proper records &
timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor we have been informed
of such case by the management.
For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S. K. Rungta (Proprietor)
Membership No. : 13860
Place: Kolkata
SDate: 30/05/2014
Mar 31, 2013
We have audited the accompanying financial statements of Scintilla
Commercial & Credit Limited (''the Company'') which comprise the Balance
Sheet as at March 31, 2013, 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 March 31, 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
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Scintilla Commercial & Credit Limited on the accounts
of the company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. Based on our scrutiny of the Company''s Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2013.
2. Based on our scrutiny of the Company''s Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of inventories,
physical verification of inventories and whether adequate procedures
have been followed by management for physical verification of
inventories thereof does not arise since the Company had no inventories
as on 31.03.2013.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of sub-clauses
(b),(c) and (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and payment for expenses &
for sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has not entered into any contract or arrangement referred
to in section 301 of the Companies Act, 1956. b) As per information &
explanations given to us and in our opinion, the transaction entered
into by the company with parties covered u/s 301 of the Act does not
exceeds Five Lacs rupees in a financial year therefore requirement of
reasonableness of transactions does not arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. According to the information and explanations provided by the
Management, the provisions of section 209(1)(d) of the Companies Act,
1956 do not apply to the Company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit but there was
accumulated loss in the immediately preceding financial year.
11. 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 borrowed from Financial Institution, Bank or
Debentures.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is dealing in Shares, Securities & other Investments. Proper records &
timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor we have been informed
of such case by the management.
For S. K. Rungta & Co.
Chartered Accountants
FRN:308081E
S. K. Rungta
Place: Kolkata (Proprietor)
Date: 30/05/2013 Membership No. : 13860
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Scintilla
Commercial & Credit Limited as at 31st March, 2012 and also the
Statement of Profit & Loss of the Company 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 have 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 of material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
Further, we report that:
1. 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.
2. 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 such
Books.
3. The Balance Sheet and Statement of Profit & Loss referred to in this
Report are in agreement with the Books of Accounts and in our opinion,
are prepared in compliance of the applicable Accounting Standards
referred under Section 211 ( 3C ) of the Companies Act, 1956.
4. Based on representations made by the Directors of the Company and
the information and explanations given to us, none of the Directors of
the Company is, as at 31st March, 2012, disqualified from being
appointed as Director of the Company in terms of Clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
5. In our opinion and to the best of the information and according to
the explanations given to us, the said Accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view :
i) in so far as it relates to the Balance Sheet, of the State of
Affairs of the Company as at 31st March, 2012; and
ii) in so far as it relates to the Statement of Profit & Loss, of the
Profit of the Company for the year ended on that date;
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
6. 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, and in terms of information and explanations given
to us and also on the basis of such checks as we considered
appropriate, we further state that:
i) Based on our scrutiny of the Company''s Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale
ii) Based on our scrutiny of the Company''s Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of inventories,
physical verification of inventories and whether adequate procedures
have been followed by management for physical verification of
inventories thereof does not arise since the Company had no inventories
as on 31.03.2012
iii) The Company has neither taken nor granted any loan secured or
unsecured, from / to Companies, Firms or Parties listed in the Register
maintained u/s 301 of the Companies Act, 1956.
iv) In our opinion and according to the information and explanations
given to us, there are adequate Internal Control system commensurate
with the size of the Company and natures of its business with regard to
Purchase and Sale of Stocks and Securities. During the course of our
audit, no major weakness has been noticed in the internal controls.
v) a) Based on the audit procedures applied by us and the information
and explanations provided by the Management, we are of the opinion that
the Company has not entered into any contract or arrangement referred
to in section 301 of the Companies Act, 1956.
b) According to the information and explanations given to us, no
Purchase and Sale of Shares and Securities valued in excess of
Rs.500000/- have been made in pursuance of contracts or arrangements
entered in the Register maintained under Section 301 of the Companies
Act, 1956 which may be prejudicial to the interest of the Company.
vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the Public
within the meaning of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under.
vii) In our opinion and according to the information and explanations
given to us the Company did not require Internal Audit System.
viii) According to the information and explanations provided by the
Management, the provisions of section 209(1)(d) of the Companies Act,
1956 do not apply to the Company.
ix) a) According to the records of the Company, the company is regular
in depositing with the appropriate authorities undisputed statutory
dues including Income Tax, Wealth Tax, Sales Tax, Customs Duty and
Excise Duty and/ or other statutory dues, if any, applicable to it.
b) According to the information and explanations given to us, no
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income Tax, Wealth
Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess were
outstanding as at March 31, 2012 for a period of more than six months
from the date they became payable. There are no dues of Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess
which have not been deposited on account of any dispute.
x) The Company has accumulated losses at the end of the financial year
which are less than fifty percent of its net worth and has not incurred
cash losses in the financial year covered by our audit and in the
immediate preceding year.
xii) According to the records of the Company, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures or other securities.
xiii) In our opinion, the Company is not a chit fund/ nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause (xiii) of
Paragraph 4 of the Order are not applicable to the Company.
xiv) On the basis of examination of the Company''s records, we are of
the opinion that the Company is maintaining adequate records regarding
transactions and contracts regarding its trading activities in shares,
securities, debentures and other investments and timely entries have
been made in this records, and they have been held by the Company in
its own name.
xv) According to the information and explanation given by the
management, the company has not given any guarantee for loan taken by
the others from banks /financial institutions.
xvi) According to the records of the Company, the Company has not
obtained any Term Loan.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment by the Company.
xviii) Based on our examination of records and the information provided
to us by the Management, we report that the Company has not made
Preferential Allotment of Shares to parties and Companies covered in
the Register maintained under section 301 of the Companies Act, 1956.
xix) According to the records of the Company, the Company has not
issued any debentures; hence, no security or charge has been created so
far.
xx) The company has not raised any money by public issues during the
period covered by our Audit Report.
xxi) Based upon the Audit Procedures performed and information and
explanations 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 S. K. Rungta & Co.
Chartered Accountants
FRN.308081 E
Sd/-
Place: Kolkata (S. K. Rungta)
Date : 30.06.2012 Proprietor
Membership No.013860
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s Scintilla
Commercial & Credit Limited as at 31 st March, 2011 and also
the Profit & Loss Account of the Company for the year enddd on
that date annexed thereto. These financial statements are the
responsibility df the Company''s Management. Our responsibility is
to express an opinion on these financial statements based on our
audit.
2. We have 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 abodt whether the
financial statements are free of material misstatement. An audit
includes, examjimng on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion, :
Further, we report that: ;
1. We have obtained all the information and explanation which to
the best of our knowledge
and belief were1 necessary for the purpose of our audit.
2. In our opinion proper Books of Account as required by Law, have been
kept by the Company so faf as appears front our examination of such
Books. -
3, The Balance Sheet and Profit & Loss Accounts referred to in this
Report are in agreement
with the Booksjof Accounts and in our opinion, are prepared in
compliance of the applicable Accounting Standards referred under
Section 211(3C)ofthe Companies Act, 1956.
4. Based on representations made by die Directors of the Company and
die information and explanations given to us, none of the Directors of
the Company is, as at 31st March, 2011, disqualified from being
appointed as Director of the Company in terms of Clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
5. In our opinioji and to the best of the information and according to
the explanations given to us, the skid Accounts give the information
required by the Companies Act, 1956 in the manner so Required and give
a true and fair view :
i) in so far as it relates to the Balance Sheet, of the State of
Affairs of the Company as at 31st March, 2011; and .
ii) in so far as it relates to the Profit & Loss Account, of die Profit
of the Company for the yekr Coded on that date
iii) In die case of the C ash Flow Statement, of the Cash Flows for the
year ended on that date.
6. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of Lidia in terms of section 227 (4A) of the Companies Act,1956, and in terms of information1 and explanations
given to us and also on die basis of such checks as we considered
appropriate, we further state that:
i) Based :on our scrutiny of die Company''s Books of Accounts and.other
records and according to the information and explanations received by
us from the Management, we are: of the opinion that the question of
commenting on the maintehance of proper records df fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2011.
ii) in our opinion and according to the information and explanations
given to us, the management has conducted Physical Verification of
Stock of Shares and Securities at reasonable intervals. In our opinion
procedures for physical verification of stocks followed by the
management are reasonable and adequate hi relation to the size of the
company and the nature of its business. The Company has maintained
proper records; of Stocks. No material discrepancies have been noticed
on physical '' verification of stocks as compared to book records.
iii) The (pohipany has neither taken nor granted any loan secured or
unsecured, from / to Companies, Firms or Parties listed in the Register
maintained u/s 301 of the Companies Act, 1956.
iv) In oitr opinion and according to the information and explanations
given to us, there are''adequate Internal Control system commensurate
with the size of the Company and natures of its business with regard
to Purchase and Sale of Stocks and Securities. During the course of
our audit, no major weakness has been noticed in the internal controls.
v) Based on the audit procedures applied by us and the information and
explanations provided by the Management, we are of the opinion that the
Company has not entered into any contract or arrangement referred to
in section 301 of the Companies Act, 1956.
vi) According to the information and explanations given to us, no
Purchase and Sale of Sharps and Securities valued in excess of
Rs.500000/- have been made in pursuance of contracts or arrangements
entered in the Register maintained under Section 301 of this Companies
Act, 1956 which may be prejudicial to the interest of the Company.
vii) In ouf qpinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the Public
within the meaning of Section: 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Rules framed there under.
viii) In ouf opinion and according to the information and explanations
given to us the Company did not require Internal Audit System.
ix) According to the information and explanations provided by the
Management, the provisions of section 209(l)(d) of the Companies Act,
1956 do not apply to the Company.
x) According to the records of the Company, the company is regular in
depositing with the appropriate authorities undisputed statutory dues
including Income Tax, Wealth Tax, Sa^es Tax, Customs Duty and Excise
Duty and/ or other statutory dues, if any, applicable to it.
xi) Accofdjng to the information and explanations given to us, no
undisputed statutory dues ; including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax,
Sales Tax, Service Tax, Customk Duty, Excise Duty, Cess were outstanding
as at March 31,2011 for a period pf more than six months from the date
they became payable. There are no dues of Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have
not been deposited on account of any dispute.
xii) The Company has accumulated losses at the end of the financial
year which are less tjhan fifty percent of its net worth and has not
incurred cash losses in the financial year covered by our audit and in
the immediate preceding year.
xiii) According to the records of the Company, the Company has not
borrowed from Financial Institutions or Banks or issued
debentures 31.03.2011.
xiv) According to the records of the Company, the Company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures or other securities.
xv) On the basis of examination of the Company''s records, we are of the
opinion that the Conjipany is maintaining adequate records regarding transactions and contracts regarding its trading activities in shares, securities, debentures and other investments and timely entries have been
made in this records, and they have been held by the Compaiiy in its own
name.
xvi) According to the information and explanation given by the
management, the company has not given any guarantee for loan taken by
the others from banks /financial institutions.
xvii) According to the records of the Company, tire Company has not
obtained any Term Loan.
xviii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short teiim! basis have been used for long term
investment by the Company.
xix) Based dfrour examination of records and the information provided
to us by the Manageimbnt, we report that the Company has not made
Preferential Allotment of Shares to parties and Companies covered in
the Register maintained under section 301 of the Companies Act, 1956.
xx) According to the records of the Company, the Company has not issued
any debentures; hence, no security or charge has been created so far.
xxi) The company has not raised any money by public issues during the
period covered by our Audit Report.
xxii) Based hpon the Audit Procedures performed and information and
explanations given by (he Management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
7. As required by j the Non-Banking Financial Companies Auditors''
Report (Reserve Bank) Directions, 1998 we report as follows:
a) The Company has received Registration Certificate bearing No.
05.02226 from the Reserve Bank of India u/s 45IA of the RBI Act, 1934.
b) The Bobrik of Directors has passed a resolution for the
non-acceptance of any Public Deposit.
c) The Company has not accepted any Pubiic Deposit during the year.
d) The Company has complied with the provisions of the NBFC Prudential
Norms (RBI) Directions, 1998 relating to Income Recognition, Accounting
Standards, Asset classification, and Provisioning of Bad and
Doubtful Debts as - applicable to it.
for S. K. Rungta & Co.
Chartered Accountants
FRN.308G81E
Place: Kolkata (4 Rungta)
Date : 30.06.2011 Proprietor1,
Membership No.013860
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