Mar 31, 2016
To
The Members of
SHARP INVESTMENTS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of M/S SHARP INVESTMENTS LIMITED, which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, 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 matters stated in section 134(5) of the companies act 2013 ("the Act") with respect to the preparation & presentation 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 referred under Section 133 of the act, read with Rule 7 of the companies (Accounts) Rules, 2014. This responsibility 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 judgements 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 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 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 on these financial statements.
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, 2016;
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 period 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, to report on the matters Specified in paragraphs 3 and 4 of the said Order, we annex hereto a statement on the matters specified therein.
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 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 written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of section 164(2) of the Companies Act, 2013.
f. With respect to adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, refer to our separate report in " Annexure B"
g. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company does not have any pending litigations which would impact its financial position,
(ii) The Company does not have any long term contracts including derivatives contracts for which there were any material foreseeable losses;
(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.
(vi) In our opinion and according to the information and explanation given to us, the Central Government has not prescribed any maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company; hence clause 3(vi) of the said order is not applicable to the company.
(vii) In respect of statutory dues :
(a) In our opinion and according to the information and explanation given to us, the Company has generally been regular in depositing undisputed statutory dues, Income-tax and any other statutory dues 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 31st March 2016 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 were no amounts payable in respect of Income-tax or Cess which have not been deposited on account of any dispute.
(viii) In our opinion and according to the information and explanation given to us, the company does not have any loans or borrowings from the financial institution, bank, Government or debenture holders during the year under audit hence clause 3(viii) of the said order is not applicable to the company.
(ix) In our opinion and according to the information and the explanation given to us, the company has not raised money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, the provisions of clause 3(ix) of the Order are not applicable to the company.
(x) In our opinion and according to the information and the explanation given to us, no fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) In our opinion and according to the information and the explanation given to us, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of sec 197 read with schedule V of the Companies Act, 2013.
(xii) In our opinion and according to the information and the explanation given to us, the company is not a nidhi company and hence clause 3(xii) of the said order is not applicable to the company.
(xiii) In our opinion and according to the information and the explanation given to us, transactions with the related party are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) In our opinion and according to the information and the explanation given to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3(ix) of the Order are not applicable to the company.
(xv) In our opinion and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and hence clause 3(xv) of the said order is not applicable to the company.
(xvi) In our opinion and according to the information and explanations given to us, the company is registered under section 45IA of the Reserve Bank Of India Act, 1934 and the registration Certificate of the same has been obtained by the Company. The Certificate of Registration No is.: B-05.06565 Dated 11.07.2005
Place: Kolkata
Date: 30.05.2016
C.GHATAK & CO
Chartered Accountants
(CHINMAY GHATAK)
Partner
M.NO:003591
FIRM REG NO: 302162E
Mar 31, 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of SHARP
INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
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 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.
EMPHASIS OF MATTERS
We draw attention to the following matters in the Notes to the
financial statements:
a) As certified by the management and relied upon by us in the matter
that no lawsuits filed against the company.
b) That the Company has accumulated losses at the end of the financial
year however its net worth has not been eroded. The Company has not
incurred a net cash loss during the current financial year and in the
immediately previous financial year. However, the Company's current
liabilities do not exceed its current assets as at the balance sheet
date.
Our opinion is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. We have not reported on internal financial control system as the
same has been deferred by Ministry of Corporate Affairs, Government of
India Notification No. G.S.R. 722(E) dated 14th October, 2014.
2. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the annexure a statement on the
matters specified in paragraph 3 and 4 of the order.
3. 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company does not have any pending litigations which would
impact its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
ANNEXURES TO THE AUDITORS' REPORT
Referred to in paragraph 2 under the 'Report on Other Legal and
Regulatory Requirements' of our Report of even date on the Accounts for
the year ended on 31.03.2015.
1. The Company has no Fixed Assets during the Financial Year under
Review.
2. The Companies has no inventories during the Financial Year under
Review.
3. The Company has not granted any secured/unsecured loans to parties
covered in the Register maintained under section 189 of the Companies
Act. Accordingly, this clause is not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business.
Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the, directives issued by the Reserve Bank of India and the provisions
of sections 73 to 76 or any other relevant provisions of the companies
Act and the rules framed there under, to the extent applicable have
been complied with.
6. According to the information and explanations given to us, the
company is not required for the maintenance of cost records which has
been prescribed by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013. Hence this clause is not
applicable to it.
7. a) According to the records examined by us, the company is regular
in depositing undisputed statutory dues with appropriate authorities
including Income Tax, Service Tax, Cess and any other statutory dues
applicable to it.
As informed to us provisions relating to Provident Fund, Employees
State Insurance, Sales Tax, Custom Duty, Value added Tax and Excise
Duty are not applicable to it.
Further there were no outstanding dues at the year end for a period of
more than Six Months from the date they became payable.
b) According to the information and explanations given to us, no
disputed amount is pending before any forum of the above mentioned
statutory dues.
c) According to the information and explanations given to us, the
company is not required to transfer any amount to the investor
education and protection fund in accordance with the relevant
provisions of Companies Act, and rules made thereunder has been
transferred to such fund within time.
8. The Company has accumulated loss at the end of the financial year
which is not more than fifty percent of its net worth and it has not
incurred net cash loss during the current financial year and in the
immediately preceding financial year.
9. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institutions or bank or debenture
holders.
10.According to the information and explanations given to us by the
management, the company has not given any guarantee for loans taken by
others from bank or financial institutions.
11.The Company has not obtained any term loans. Accordingly this clause
of the Order is not applicable.
12.Based upon audit procedures performed for the purposes of reporting
the true and fair view of the financial statements and as per the
information and explanation given by the management, we report that no
fraud on or by the company has been noticed or reported by the
management during the year under audit.
For C. GHATAK & CO.
Chartered Accountants
CHINMAY GHATAK
(Partner)
(Membership No. 003591)
Place :Kolkata (Firm Registration No. 302162E)
Date : 30.05.2015
Mar 31, 2014
We report that we have audited the attached Balance Sheet of SHARP
INVESTMENTS LTD. as at 31st March, 2014 signed by us under reference to
this report and relative Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date which are in agreement with
the books of account. These financial statements are the responsibility
of the Company''s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our Audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) order, 2003 issued by
the Central Government of India in terms of Sub Section 227 of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as required by the law have
been kept by the company so far as it appears from our examination of
these books.
c. The company''s Balance Sheet and Profit & Loss Account dealt with by
this report are in agreement with the books of accounts.
d. In our opinion the Balance Sheet and Profit & Loss Account comply
with the Accounting standard referred to in sub-section 3(C) of section
211 of the Companies Act, 1956 and applicable provisions of Companies
Act, 2013.
e. On the basis of written representation received from all the
directors and taken on record by the Board Directors, we report that
none of the directors is disqualified as on the Balance Sheet date from
being appointed as director in terms of Section 274(1)(g) of the
Companies Act, 1956 and applicable provisions of Companies Act, 2013.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts subject to and read with
the Notes appearing thereon give the information required by the
Companies Act, 1956 and applicable provisions of Companies Act, 2013 in
the manner so required and give a true and fair view :
i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2014 ;
ii) In the case 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 of Sharp Investments Ltd.
i) As informed to us, the Company does not have any fixed assets and as
such clauses I(a) to I(c) to paragraph 4 of the said order, do not
applicable to the Company.
ii) As informed to us, the Company does not have any inventory and as
such clauses II(a) to II(c) are not applicable to the Company.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/From Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956 and applicable provisions of Companies Act, 2013, other than
the purpose in regular course of business and as such clauses (iii) (a)
to (iii) (d) of the said order do not applicable to the company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations provided by the
management, we are of the opinion that there have been no transactions
that need to be entered into the register maintained under Section 301
and hence clause (v) (b) of the said order do not applicable to the
company.
vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained to us, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the Company.
ix) (a) According to the records of the Company and explanations given
to us, the Company has been regular in depositing undisputed statutory
dues payable in respect of Provident Fund, employees State Insurance ,
Service Tax, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
duty, cess or any other dues, whatever applicable, with appropriate
authority.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of statutory dues which
have remained outstanding as at the Balance Sheet date for a period of
more that six months from the date they become payable.
(c ) According to the information and explanations given to us, there
are no cases of dispute dues of sales tax, Income tax, Custom Duty,
Wealth tax, Excise Duty or cess and Service tax.
x) The accumulated losses of the Company are not more than fifty
percent of its net worth. The Company has not incurred any cash loss in
the immediately preceding financial year and in the current financial
year as well.
xi) As per books and records maintained by the Company and according to
the information and explanations given to us, the Company did not have
any borrowing from any financial institution or bank or debenture
holders and hence the clause (xi) is not applicable.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debenture and other securities.
xiii) Compliance with the provisions of any special statute like chit
Fund, Nidhi or Mutual Benefit Society is not applicable to this
Company.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and controls relating to dealing or trading in shares and other
investments and timely entries have been made therein. The shares 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 bank
or financial instructions.
xvi) There are no term loans outstanding as at the end of the year.
xvii) We have been informed by the management that no funds have been
raised on short/long term basis and used and hence clause(xvii) is not
applicable.
xviii) According to Information and Explanation given to us 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. However in our opinion the price at which these shares have
been issued is not prejudicial to the interest of the Company.
xix) The Companies did not have any outstanding debentures during the
year.
xx) The Companies has not raised money by way of Public issue during
the year.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed during the course of our
audit.
FOR C. GHATAK & CO.
CHARTERED ACCOUNTANTS
Sd/- CHINMAY GHATAK
PARTNER
M.NO.-003591
PLACE : KOLKATA
DATE : 31/05/2014
Mar 31, 2013
We report that we have audited the attached Balance Sheet of SHARP
INVESTMENTS LTD. as at 31st March, 2013 signed by us under reference to
this report and relative Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date which are in agreement with
the books of account. These financial statements are the responsibility
of the Company''s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our Audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) order, 2003 issued by
the Central Government of India in terms of Sub Section 227 of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above,, we report
that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as required by the law have
been kept by the company so far as it appears from our examination of
these books.
c. The company''s Balance Sheet and Profit & Loss Account dealt with by
this report are in agreement with the books of accounts.
d. In our opinion the Balance Sheet and Profit & Loss Account comply
with the Accounting standard referred to in sub-section 3(C) of section
211 of the Companies Act, 1956.
e. On the basis of written representation received from all the
directors and taken on record by the Board Directors, we report that
none of the directors is disqualified as on the Balance Sheet date from
being appointed as director in terms of Section 274(1 )(g) of the
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts subject to and read with
the Notes appearing thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view :
i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2013 ;
ii) In the case 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 of Sharp Investments Ltd.
i) As informed to us, the Company does not have any fixed assets and as
such clauses 1(a) to 1(c) to paragraph 4 of the said order, do not
applicable to the Company.
ii) As informed to us, the Company does not have any inventory and as
such clauses 11(a) to 11(c) are not applicable to the Company.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/From Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956 and as such clauses (iii) (a) to (iii) (d) of the said order
do not applicable to the company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations provided by the
management, we are of the opinion that there have been no transactions
that need to be entered into the register maintained under Section 301
and hence clause (v) (b) of the said order do not applicable to the
company.
vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained to us, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the Company.
ix) (a) According to the records of the Company and explanations given
to us, the Company has been regular in depositing undisputed statutory
dues payable in respect of Provident Fund, employees State Insurance ,
Service Tax, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
duty, cess or any other dues, whatever applicable, with appropriate
authority.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of statutory dues which
have remained outstanding as at the Balance Sheet date for a period of
more that six months from the date they become payable.
(c) According to the information and explanations given to us, there
are no cases of dispute dues of sales tax, Income tax, Custom Duty,
Wealth tax, Excise Duty or cess and Service tax.
x) The accumulated losses of the Company are not more than fifty
percent of its net worth. The Company has not incurred any cash loss in
the immediately preceding financial year and in the current financial
year as well.
xi) As per books and records maintained by the Company and according to
the information and explanations given to us, the Company did not have
any borrowing from any financial institution or bank or debenture
holders and hence the clause (xi) is not applicable.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debenture and other securities.
xiii) Compliance with the provisions of any special statute like chit
Fund, Nidhi or Mutual Benefit Society is not applicable to this
Company.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and controls relating to dealing or trading in shares and other
investments and timely entries have been made therein. The shares 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 bank
or financial instructions.
xvi) There are no term loans outstanding as at the end of the year.
xvii) We have been informed by the management that no funds have been
raised on short/ long term basis and used and hence clause(xvii) is not
applicable.
xviii) According to Information and Explanation given to us 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. However in our opinion the price at which these shares have
been issued is not prejudicial to the interest of the Company.
xix) The Companies did not have any outstanding debentures during the
year.
xx) The Companies has not raised money by way of Public issue during
the year.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed during the course of our
audit.
Chinmay Ghatak
C. Ghatak & Co.
Partner
Chartered Accountants
Place : Kolkata M. No. - 003591
Date : 25/07/2013 Firm No.- 302162E
Mar 31, 2012
We report that we have audited the attached Balance Sheet of SHARP
INVESTMENTS LTD. as at 31st March, 2012 signed by us under reference to
this report and relative Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date which are in agreement with
the books of account. These financial statements are the responsibility
of the Company''s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We 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 the management, as well as evaluating the overall financial
statements presentation. We believe that our Audit provides a
reasonable basis for our opinion.
As required by the Companies (Auditor''s Report) order, 2003 issued by
the Central Government of India in terms of Sub Section 227 of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as required by the law have
been kept by the company so far as it appears from our examination of
these books.
c. The company''s Balance Sheet and Profit & Loss Account dealt with by
this report are in agreement with the books of accounts.
d. In our opinion the Balance Sheet and Profit & Loss Account comply
with the Accounting standard referred to in sub-section 3(C) of section
211 of the Companies Act, 1956.
e.'' On the basis of written representation received from all the
directors and taken on record by the Board Directors, we report that
none of the directors is disqualified as on the Balance Sheet date from
being appointed as director in terms of Section 274(l)(g) of the
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts subject to and read with
the Notes appearing thereon give the information
- required by the Companies Act, 1956 in the manner so required and
give a true and fair view :
i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012;
ii) In the case of Profit & Loss Account of the "Profit" of the Company
for the year ended on that date ; and
ili.) 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 of Sharp Investments Ltd.
i) As informed to us, the Company does not have any fixed assets and as
such clauses 1(a) to 1(c) to paragraph 4 of the said order, do not
applicable to the Company.
if) As informed to us, the Company does not have any inventory and as
such clauses 11(a) to 11(c) are not applicable to the Company.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/From Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956 and as such clauses (iii) (a) to (iii) (d) of the said order
do not applicable to the company.
iv) In our opinion and according to the information and explanations
given to us,- there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations provided by the
management, we are of the opinion that there have been no transactions
that need to be entered into the register maintained under Section 301
and hence clause (v) (b) of the said order do not applicable to the
company.
vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained to us, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the Company.
ix) (a) According to the records of the Company and explanations given
to us, the Company has been regular in depositing undisputed statutory
dues payable in respect of Provident Fund, employees State Insurance ,
Service Tax, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
duty, cess or any other dues, whatever applicable, with appropriate
authority.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of statutory dues which
have remained outstanding as at the Balance Sheet date for a period of
more that six months from the date they become payable. (c ) According
to the information and explanations given to us, there are no cases of
dispute dues of sales tax, Income tax, Custom Duty, Wealth tax, Excise
Duty or cess and Service tax.
x) The accumulated losses of the Company are not more than fifty
percent of its net worth. The Company has incurred cash loss in the
immediately preceding financial year and in the current financial year
as well.
xi) As per books and records maintained by the Company and according to
the information and explanations given to us, the Company did not have
any borrowing from any financial institution or bank or debenture
holders and hence the clause (xi) is not applicable.
xii) According to the information and explanations given to us and
based oaf the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debenture and other securities.
xiii) Compliance with the provisions of any special statute like chit
Fund, Nidhi or Mutual Benefit Society is not applicable to this
Company.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and controls relating to dealing or trading in shares and other
investments and timely entries have been made therein. The shares 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 for loans taken by others from bank
or financial instrututions.
xvi) There are no term loans outstanding as at the end of the year.
xvii) We have been informed by the management that no funds have been
raised on short/long term basis and used and hence clause(xvii) is not
applicable.
xviii) According to Information and Explanation given to us 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. However in our opinion the price at which these shares have
been issued is not prejudicial to the interest of the Company.
xix) The Companies did not have any outstanding debentures during the
year.
xx) The Companies has not raised money by way of Public issue during
the year.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed during the course of our
audit.
FOR ARUP ASSOCIATES
CHARTERED ACCOUNTANTS
(ARUP KMAR DAS)
PROPRIETOR M.NO.-FCA 53564
PLACE : KOLKATA
DATE : 25/06/2012
Mar 31, 2011
We report that we have audited the attached Balance Sheet of SHARP
INVESTMENTS LTD. as at 31st March, 2011 signed by us under reference to
this report and relative Profit & Loss Account and also the Cash Flow
Statement for the year ended on that date which are in agreement with
the books of account. These financial statements are the responsibility
of the Company''s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our Audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) order, 2003 issued by
the Central Government of India in terms of Sub Section 227 of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:-
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as required by the law have
been kept by the company so far as it appears from our examination of
these books.
c. The company''s Balance Sheet and Profit & Loss Account dealt with by
this report are in agreement with the books of accounts.
d. In our opinion the Balance Sheet and Profit & Loss Account comply
with the Accounting standard referred to in sub-section 3(C) of section
211 of the Companies Act, 1956.
e. On the basis of written representation received from all the
directors and taken on record by the Board Directors, we report that
none of the directors is disqualified as on the Balance Sheet date from
being appointed as director in terms of Section 274(1 Xg) of the
Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts subject to and read with
the Notes appearing thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view :
i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011 ;
ii) In the case of 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 of Sharp Investments Ltd.
i) As informed to us, the Company does not have any fixed assets and as
such clauses 1(a) to 1(c) to paragraph 4 of the said order, do not
applicable to the Company.
ii) As informed to us, the Company does not have any inventory and as
such clauses 11(a) to 11(c) are not applicable to the Company.
iii) As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/From Companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956 and as such clauses (iii) (a) to (iii) (d) of the said order
do not applicable to the company.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations provided by the
management, we are of the opinion that there have been no transactions
that need to be entered into the register maintained under Section 301
and hence clause (v) (b) of the said order do not applicable to the
company.
vi) The Company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and rules
framed there under are not applicable for the year under audit.
vii) In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained to us, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the Company.
ix) (a) According to the records of the Company and explanations given
to us, the Company has been regular in depositing undisputed statutory
dues payable in respect of Provident Fund, employees State Insurance ,
Service Tax, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
duty, cess or any other dues, whatever applicable, with appropriate
authority.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of statutory dues which
have remained outstanding as at the Balance Sheet date for a period of
more that six months from the date they become payable. (c ) According
to the information and explanations given to us, there are no cases of
dispute dues of sales tax, Income tax, Custom Duty, Wealth tax, Excise
Duty or cess and Service tax.
x) The accumulated losses of the Company are not more than fifty
percent of its net worth. The Company has incurred cash loss in the
immediately preceding financial year and in the current financial year
as well.
xi) As per books and records maintained by the Company and according to
the information and explanations given to us, the Company did not have
any borrowing from any financial institution or bank or debenture
holders and hence the clause (xi) is not applicable.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debenture and other securities.
xiii) Compliance with the provisions of any special statute like chit
Fund, Nidhi or Mutual Benefit Society is not applicable to this
Company.
xiv) In our opinion and according to the information and explanations
given to us, proper records have been maintained of the transactions
and controls relating to dealing or trading in shares and other
investments and timely entries have been made therein. The shares 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 bank
or financial instructions.
xvi) There are no term loans outstanding as at the end of the year.
xvii) We have been informed by the management that no funds have been
raised on short/long term basis and used and hence clause(xvii) is not
applicable.
xviii) According to Information and Explanation given to us 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. However in our opinion the price at which these shares have
been issued is not prejudicial to the interest of the Company.
xix) The Companies did not have any outstanding debentures during the
year.
xx) The Companies has not raised money by way of Public issue during
the year.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed during the course of our
audit.
FOR UTTAM KUMAR BOSE
CHARTERED ACCOUNTANTS
(U.K.BOSE)
PARTNER
M.NO.- 056108
PLACE : KOLKATA
DATE : 22/06/2011
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