Mar 31, 2012
We have audited the attached Balance Sheet of Shree Salasar Investments
Ltd., as at 31st March, 2012, the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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 (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
i. 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;
ii. 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;
iii. The Balance Sheet , Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of;
iv. In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;except AS-15 regarding Retirement benefits
treated on Cash basis.
v. On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanation given to us, the said accounts Subject to Para no.7 of
note A regarding non provision of retirement benefits amount is
unascertained and read together with other notes thereon given in Note
'A' give a true and fair view in conformity with the accounting
principles generally accepted in India:
a. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
b. In case of the Profit and Loss Account, of the loss for the year
ended on that date.
c. In case of the Cash Flow Statement , of the cash flow for the year
ended on that date
ANNEXURE TO THE AUDITOR'S REPORT
Annexure in terms of para 1 of our report of even date to the members
of SHREE SALASAR INVESTMENTS LTD. on the accounts for the year ended
31st March 2012.
la. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
lb. we are informed that Fixed Assets have been physically verified by
the management and no discrepancies were observed between book record
and physical verification.
lc. The Company has not disposed off substantial part of Fixed Asset
during the year to effect to its going concern.
2. During the year there is no inventory hence relevant clause is not
applicable.
3a. The Company has not granted loan, secured or unsecured to parties
covered in the Register maintained u/s. 301 of the Companies Act, 1956.
Hence provisions of sub clause (a) to (d) of clause 4(iii) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
companies.
3b. The Company has not taken unsecured loan from parties covered u/s.
301 of the Companies Act, 1956. Hence relevant clause is not
applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase and sale of inventory, fixed assets and with
regard to the sale of goods/services. During the course of our audit,
we have not observed any continuing failure to correct major weakness
in internal controls.
5. As per information and explanations given to us there is no
transaction in the company that needs to be entered into register in
pursuance of section 301 of the Companies Act, 1956.
6. As per information and explanations given to us the company has not
accepted deposit from public in contravention of provisions of section
58A of the Companies Act, 1956.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations given to us,
maintenance of cost records have not been prescribed by the Central
Government under Section 209(1) (d) of the Companies Act, 1956 with
regard to the nature of business of the company.
9a. The Company is regular in statutory dues including provident fund,
income tax, sales tax, wealth tax, custom duty, service tax, excise
duty, cess and any other material statutory dues wherever applicable
with the appropriate authorities
9b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears.. There are no
undisputed statutory dues outstanding for more than six months.
10. The company does not have accumulated loss at the financial year
and it has not incurred cash loss in the financial year but in the
financial year immediately preceding such financial year there was
accumulated loss of Rs.8,72,546 /-
11. According to information and explanations provided to us, the
Company has not taken any loan from bank. Hence relevant clause is not
applicable.
12. The company has not granted any loans or advance on the basis of
security by way of pledge of shares and debentures or any other
securities. Therefore, the provisions of clause 4(Xii) of the companies
(Auditor's Report) Order, 2003 are not applicable to the companies.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(Xiii) of
the companies (Auditor's Report) Order, 2003 are not applicable to the
companies.
14. The company is not dealing in shares and securities. Hence the
provisions of clause 4(Xiv) of the companies (Auditor's Report) Order,
2003 are not applicable to the companies.
15. The company has not given any guarantee for loans taken by others
from bank or financial institution. Hence, the provisions of clause
4(XV) of the companies (Auditor's Report) Order, 2003 are not
applicable to the companies.
16. Company has not taken any term loan. Hence relevant clause is not
applicable.
17. According to the information and explanations given to us and on
an overall examination of the Balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has not issued any debentures.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 109901W
S.L. AGRAWAL
PARTNER.
M.NO. 72184
PLACE: MUMBAI
DATED: 11 AUG 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Shree Salasar Investments
Ltd., as at 31st March, 201 l,the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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 (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
ii) 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;
iii) The Balance Sheet , Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of;
iv) In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 21 1 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2011, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best if our information and according to
the explanation given to us, the said accounts read together with other
notes thereon given in schedule 'T gives the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
a. In the case of Balance Sheet, of the state of affairs of the
Company as at 31sl March, 2011; and
b. In case of the Profit and Loss Account, of the loss for the year
ended on that date.
c. In case of the Cash Flow Statement , of the cash flow for the year
ended on that date
ANNEXURE TO THE AUDITOR'S REPORT
Annexure in terms of para 1 of our report of even date to the members
of SHREE SALASAR INVESTMENTS LTD. on the accounts for the year ended
31st March 2011.
la. The company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
lb We are informed that Fixed Assets have been physically verified by
the management and no discrepancies were observed between book record
and physical verification.
lc. The company has not disposed off substantial part of Fixed Asset
during the year to effect to its going concern.
2. During the year there is no inventory hence relevant clause is not
applicable.
3a The company has not granted loan, secured or unsecured to parties
covered in the Register maintained u/s. 301 of the Companies Act, 1956.
Hence provisions of subclause (a) to (d) of clause 4(iii) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
companies,
3b The company has taken unsecured loan from a director covered u/s.
301 of the Companies Act, 1956. Amount of loan outstanding as on 315!
March 11 is Rs.10000.
3c. In our opinion, the terms & conditions of such loans are not Prima
facie prejudicial to the interest of the company.
4 In our opinion and accordinq to the information and explanation given
to us, there are adequate interna! control procedures commensurate with
the size of the company and the nature of its business, for the
purchase and sale of inventory, fixed assets and with regard to the
sale of goods/services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
controls.
5 As per information and explanations given to us there is no
transaction in the company that needs to be entered into register in
pursuance of section 301 of the Companies Act, 1956.
6 As per information and explanations given to us the company has not
accepted deposit from public in contravention of provisions of section
58A of the Companies Act, 1956.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8 According to the information and explanations given to us,
maintenance of cost records have not been prescribed by the Central
Government under Section 209(1) (d) of the Companies Act, 1956 with
regard to the nature of business of the company.
9a The Company is regular in depositing undisputed statutory dues
including provident fund, income tax, sales tax, wealth tax, custom
duty, service tax, excise duty, cess and any other material statutory
dues wherever applicable with the appropriate authorities.
9b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears.. There are no
undisputed statutory dues outstanding for more than six months.
10. The company does have accumulated loss of Rs. 14,78,846/- at the
financial year and it has incurred cash loss in the financial year of
Rs.8,56,242/- and in the financial year immediately preceeding such
financial year of Rs.12,07,110/-
11. According to information and explanations provided to us, the
Company has not taken defaulted in repayment of dues to bank.
12. The company has not granted any loans or advance on the basis of
security by way of pledge of shares and debentures or any other
securities. Therefore, the provisions of clause 4(Xii) of the companies
(Auditor's Report) Order, 2003 are not applicable to the companies.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(Xiii) of
the companies (Auditor's Report) Order, 2003 are not applicable to the
companies.
14. The company is not dealing in shares and securities. Hence the
provisions of clause 4(Xiv) of the companies (Auditor's Report) Order,
2003 are not applicable to the companies.
15. The company has not given any guarantee for loans taken by others
from bank or financial institution. Hence, the provisions of clause
4(XV) of the companies (Auditor's Report) Order, 2003 are not
applicable to the companies.
16. As per information and explanations given to us term loans taken
during the year were applied for the purpose for which it was taken.
During the year there is no loan accepted.
17. According to the information and explanations given to us and on
an overall examination of the Balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has not issued any debentures.
20. The company has not raised any money by public issue during the
year.
21 According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.109901 W
S.L. Agrawal
PARTNER
M NO 72184
Place : Mumbai
Date :23 AUG 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Shree Salasar Investments
Ltd., as at 31st March, 2010,the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
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 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 (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
ii) 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;
iii) The Balance Sheet , Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of;
iv) In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best if our information and according to
the explanation given to us, the said accounts read together with other
notes thereon given in schedule 7 gives the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
a. in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
b. in case of the Profit and Loss Account, of the loss for the year
ended on that date.
c. in case of the Cash Flow Statement, of the cash flow for the year
ended on that date
ANNEXURE "A" TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of the Auditors Report of even date to the
members of Shree Salasar Investments Ltd On the financial statements
for the year ended 31st March 2010)
1. The company has maintained proper records showing full particulars
including, quantitativedetails and situation of fixed assets. The
assets have been disposed during the year .Hence question of physical
verification does not arise.
2. The company is not dealing / trading in goods , as such this para
is not applicable .
3. The company has granted unsecured loans of Rs 119721/- to a company
listed in the register maintained under section 301 of the Companies
Act, 1956. The company is paying the principal amount and the interest
as stipulated. In our opinion terms and conditions on which loan has
been granted are not prima facie prejudicial to the interest of the
company out of this Rs 107000/- has been repaid during the year. The
company has not taken any loan from parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4. 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, and for the sale of shares/assets. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in the internal controls.
5. As explained to us, in case of transactions exceeding the value of
Rs 5 Lakhs in the financial year in respect of any party (a) the
transaction need to be entered into a register in pursuance of Section
301 of the companies act,1956 have been so entered, (b) in our opinion
these transaction have been made at the prices which are reasonable
having regards to prevailing market price at relevant price.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of the Act. According to the
information and explanations given to us, no order has been passed by
Company Law Board and as such the requirement of compliance thereof is
not applicable to the Company.
7. Internal audit is carried out by the own Internal Audit Celi of the
Company. In our opinion, the internal audit system has been found to be
generally commensurate with the size and nature of the business of the
Company.
8. According to the information and explanations given to us, the
Central Government has not prescribed for the maintenance of cost
records under clause (d) of sub-section (1) of Section 209 of the
Companies Act, 1956 in respect of the product of the Company.
9. i.According to the information and explanations given to us, the
Company, has been generally regular in depositing the undisputed
statutory dues including provident fund, investor education and
protection fund, employees state insurance, income tax, sales tax,
wealth tax, excise duty, cess and other material statutory dues with
the appropriate authorities. As far as available from the records
verified by us and according to the information and explanations given
to us, there were no arrears of dues outstanding for a period of more
than six months as at 31st March 2010 from the date they became
payable.
ii. According to the information and explanations given to us, there is
no disputed statutory unpaid during the year.
10. The Company has accumulated losses of Rs 6.06 lacs and there is a
cash loss of Rs 12.08 lacs during the year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
Banks or Debentures holders.
12. As informed, the Company has not granted any loans and advances on
the basis of any security by way of pledge of shares, debentures and
other securities.
13. According to the information and explanations given to us, the
Company is not a chit fund or a nidhi/mutual benefit fund/society.
14. According to the information and explanations given to us, the
Company is engaged in investments in shares, securities, debentures and
other investments and in our opinion proper records are maintained in
this regard.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from banks.
16. The Company has not taken term loan from a bank.
17. According to the information and explanations given to us and on
overall examination of the Balance Sheet of the Company, has no short
term funds .
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
Companies Act, 1956.
19. According to the information and explanations given to us, no
debentures has been issued during the year by the Company.
20. According to the information and explanations given to us, the
Company has not raised any money during the year by public issue.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices and according to the à information and explanations
given to us, we have neither come across any fraud on or by the Company
nor have we have been informed of any such case by the Management.
For SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
SLAGARWAL
Place : Mumbai PARTNER
Date : 06/05/2010 M NO 72184
Mar 31, 2009
We have audited the attached Balance Sheet of Shree Salasar Investments
Ltd., as at 31st March, 2009,the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
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 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 (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
i) 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;
ii) 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;
iii) The Balance Sheet , Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of;
iv) In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2009, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2009 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best if our information and according to
the explanation given to us, the said accounts subject to note No.4 in
respect of certain shares not held by the company and non-provision of
fall in market value of investments of Rs.1254941/- and read together
with other notes thereon given in schedule 7 gives the information
required by the Companies Act, 1956, in the matter so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009; and
b. in case of the Profit and Loss Account, of the profit for the year
ended on that date.
c. in case of the Cash Flow Statement , of the cash flow for the year
ended on that date
(Referred to in Paragraph 3 of the Auditors Report of even date to the
members of SHREE SALASAR INVESTMENTS LTD. On the financial statements
for the year ended 31st March 2009)
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. We are
informed that fixed assets were verified by the management at the end
of the year and no material discrepancy was noticed on such
verification by the management. No assets have been disposed off during
the year.
2. The company has granted unsecured loans of Rs 119721/- to a company
listed in the register maintained under section 301 of the Companies
Act, 1956. The company is paying the principal amount and the interest
as stipulated. In our opinion terms and conditions on which loan has
been granted are not prima facie prejudicial to the interest of the
company. The company has not taken any loan from parties listed in the
register maintained under section 301 of the Companies Act, 1956.
3. 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, for the purchase of securities and for the sale of
securities.
4. The company has transactions in pursuance of contracts or
arrangements duly entered in the register maintained under section 301
of the Companies Act, 1956 in respect of each party have been made. In
our opinion these transactions have been made at prices which are
reasonable having regard to the prevailing market price at the relevant
time.
5. The company has not accepted deposit from public.
6. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Income-tax, Wealth-tax,
Sales Tax, Service tax ,Customs duty and Excise duty were outstanding,
as at 31st March, 2009 for a period of six months from the date they
became payable. Income Tax demand of Rs.479368/- plus interest thereon
has been disputed by the company and appeal is pending.
7. The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debenture and other securities.
Hence, there is no need to maintain the records regarding security of
loans.
8. As the company is not Chit fund, Nidhi or mutual benefit society,
the question of application of special statue does not arise.
9. The company has maintained proper records of the transactions and
contracts of investments in shares and has also made timely entries
therein. The shares held by the company at the end of the year are in
its own name except 5200 shares of Shree Dhanop Finance & Consultancy
Ltd.
10. During the checks carried out by us, any frauds on or by company
has not been noticed or reported during the year under report.
11. In our opinion, provisions of Para 4A (ii), (vii),(viii), (x)
,(xi), (xv) to (xx) are not applicable to the company.
For SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
S.L.Agrawal
PARTNER
M NO 72184
Place : Mumbai
Date : 31/07/2009
Mar 31, 2008
We have united the attached Balance Sheet or Shree Salasar
Investments Ltd., as at 31st March. 2008.The Profit and Loss Account
and Cash Flow Statement for the year ended on that date annexed hereto
These financial statements arc 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 10 obtain reasonable assurance about whether the financial
statements are Tree 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 estimate* made
by 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 (4A) of section
227 of the Companies Act. 1956. we enclose in the Annexure a statement
on the matters specified in paragraphs I and 3 of the said Order
l-further to our comments in the Annexure referred to above, we report
that
i) We have obtained all the information and explanations, which lo the
best of our knowledge and belief were necessary for the purpose of our
audit
ii) In our Opinion, proper books of account as required by law have
been kepi by the company so far as appears from our examination of
those.
iii) The Balance Sheet Profit and Loss Account and Cash Flow Statement
dealt with by this report arc in agreement with the books of;
iv) In our opinion, the Balance Sheet Profit and Loss Account and ( ash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C)of section 211 of the
Companies Act 1956
v) On the basis of written representations received from the
directors, as on 11th March, 2008, amid taken on record by the Board of
Directors, we report half none of the directors is disqualified as on
31- March 2008 from being appointed as u director in terms of clause
''i) In our opinion and to the best if our information and according to
the explanation given to us. the said accounts subject to note No 4 in
respect of certain shares not held by the company and non-provision of
fall in market value of investments of Rs. 1254941/- and read together
with other notes thereon given in schedule "7" gives the information
required by the Companies Act, 1956. if the matter so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India
a. in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March. 2008,and
b. in case of the Profit and loss Account, of the profit for the year
ended on that date
c in case of the Cash Mow Statement of the cash flow for the year ended
on that date
(Referred to in Paragraph 3 of the Auditors Report of even date To the
members of SHREE SALASAR INVESTMENTS LTD. On the financial statements
for the year ended 31 March 2008)
1 The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets We are
informed that fixed assets were verified by the management at the end
of the year and no material discrepancy was noticed on such
verification by the management No assets have been disposed of during
the year
2 the company has granted unsecured loans of Rs 104750/- lo a company
listed in the register maintained under section 301 of the Companies
Act. 1956 The company is paying the principal amount and the interest
as stipulated In our opinion terms and conditions on which loan has
been granted are not prima faces prejudicial to the interest of the
company. The company has not taken any loan from parties listed in the
register maintained under section 301 of the Companies Act 1956
3 In our opinion and according to the information and explanations
given to us. there are adequate internal control procedures
commensurate with the shed of the Company and the nature of its
business, for the purchase of securities and for the sale of securities
4. the company has transactions in pursuance of contracts of
arrangements duly entered in the register maintained under section 301
of the Companies Act. IV56 iii respect of catch party have been made In
our opinion these transactions have been made at prices which are
reasonable having regard to the prevailing market price at the relevant
time.
5 The company has not accepted deposit from public
6. According to the information and explanations given to us. there arc
no undisputed amounts payable in respect of Income-tax. Wealth-tax,
S.des Tax. Service tax .Customs duty and Excise duty were outstanding,
as at 31st March. 2008 for a period of six months from the date they
became payable Income fax demand of Rs.479368/- plus interest thereon
has been disputed by the company ,quid appeal is pending
7 The company lugs not granted an loans of advances on the basis of
security by way of pledge of shares, debenture and other securities
Hence, there is no need to maintain the records regarding security of
loans
8. As the company is not Chit fund, Nidhi or mutual benefit society. the
question of application of special statue does not arise
9. The company has maintained proper records of the transactions amid
contracts of investments in shares and has also made timely entries
therein The them held by the company at the end of the year are in its
own name except 5200 shares of Shock Jhanop Finance & Consultancy Ltd
10 During the checks earned our by us. any frauds on or by company has
not been noticed or reported during the year under report
11 In our opinion, provisions of Para 4A (ii). (vii),(viii). (x) .(XI).
(xv) to (xx) are not applicable to the company
For SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
SL Agrawal
PARTNER
M NO 72184
Place Mumbai
Date 05/07/2008
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