Mar 31, 2015
I have audited the accompanying financial statements of M/s Shri Niwas
Leasing & Finance Limited which comprise the Balance Sheet as at March
31, 2015 and the Statement of Profit and Loss, the Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the matters in section
134(5) of the Companies Act, 2013 (the Act) with respect to 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
the Companies Act, 2013 read with rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the act for the
safeguarding of Assets of the company and for preventing and detecting
the frauds and other irregularities, selection and application of
appropriate accounting policies, making judgments and estimated that
are reasonable and prudent and design, implementation and maintenance
of internal financial control, that were operating effectively for
ensuring the accuracy and completeness pf 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
My responsibility is to express an opinion on these financial
statements based on my audit. I have taken into account the provisions
of the act, the accounting and Auditing standards and matter which are
required to be included in the audit report under the provision of the
act and the rules made thereunder. I conducted my audit in accordance
with the Standards on Auditing specified under section 143 (10) of the
act. Those Standards require that I 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.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion on the financial
statements.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date;
(C) In the case of the Cash Flow Statement, of the Cash Outflows for
the year ended on that date;
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, I give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by the Non-Banking Companies Auditor's Report (Reserve
Bank) directions, 2008,1 give in the annexure 'II', a statement on the
matters specified in paragraph 3 & 4 of the said directions.
3. As required by section 143(3) of the Act, I report that:
a) I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purpose of my audit;
b) in my opinion proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
book;
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 my opinion, the aforesaid Financial Statements, comply with the
Accounting Standards specified under section 133 of the act, read with
7 of Companies (Accounts) Rules, 2014.
e) The Provision of Section 73 of the Companies Act, 2013 are not
applicable to the company.
f) on the basis of written representations received from the directors
as on 31st March, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31s1 March, 2015, from
being appointed as a director in terms of section 164(2) of the act.
ANNEXURE T TO THE AUDITOR'S REPORT
The Annexure referred to in my report of even date to the members of
SHRI NIWAS LEASING & FINANCE LIMITED as at and for the year ended 31st
March, 2015, I report that:
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets,
(b) According to the information & explanations given to me, the fixed
assets of the company have been physically verified by the management
at reasonable intervals during the year which in my opinion are
reasonable having regard to the size of the company and the nature of
its business. No material discrepancies were noticed on such
verification.
2. The company does not have any inventories as at the date of the
Balance Sheet because all its purchases of shares etc. has been shown
in under the head of Investments.
3. (a) In my opinion and according to the information and explanations
given to me, the company has not granted any unsecured loans to the
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) In View of the facts mentioned in Point No- a, above the provisions
of clause regarding reasonableness of interest charges or paid are not
applicable to the company during the year under report.
4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of stock-in-trade of shares,
debentures, commodities and other similar securities, fixed assets and
for the sale of such stock-in- trade and services. Further, on the
basis of my examination of books and records of the company and
according to the information and explanations given to me, I have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
5. In my opinion and according to the information and explanations
given to me , the company has not accepted deposits as the company is a
non banking Financial company the provision of section 73 & 74 are not
applicable.
6. I have been informed that maintenance of cost records has not been
prescribed by the Central Government of the Companies Act, for the year
under review.
7. (a) The company is generally regular in depositing undisputed
statCitory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax, and any other statutory dues with
the Appropriate Authorities.
(b) According to the information and explanations given to me, there is
pending tax demand is as follows:
Sr. No. Act Appeal Assessment Amount of
Pending Year demand
Before
1. Income Tax CIT (A) 2006-07 10,10,977
Act
8. The Company has no accumulated losses. The company has not incurred
cash losses during the financial year covered by my audit, as well as
in the immediately preceding financial year.
9. Since the company has neither taken any loans from a financial
institution or a bank nor issued any debentures, hence the provisions
of paragraph 4 (xi) of the order regarding default in repayment of dues
to a financial institution or bank or debenture holders doesn't arise.
10. According to the information and explanations given to me, the
Company has not given any guarantees for loans taken by others from a
bank or financial institution.
11. According to the information and explanations given to me, I
report that the company has not raised any term loans during the year.
12. Based on the audit procedures performed and the information and
explanations given to me, I report that no fraud on or by the Company
has been noticed or reported during the year, nor have I been informed
of such case by the management.
CA. SUMIT ARORA
(Chartered Accountant)
M. No. 513784 '
Place: New Delhi
Date: 18.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of SHRI NIWAS
LEASING & FINANCE LIMITED which comprise the Balance Sheet as at March
31, 2014, 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 and
financial performance 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 Cash Flow Statement, of the Cash Flows for the year
ended on that date.
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) The provisions of section 58A of the Companies Act, 1956 are not
applicable to the company. Further, as required by NBFC auditor''s
report (RBI) directions, 1998 we report that: -
f) 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.
g) 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
a) The Company has applied for registration as provided in section 45
IA of the RBI Act, 1934 and it has received registration certificate
bearing No. B - 14.00808 dated 20.05.1998
b) The Board of Directors has passed a resolution for non-acceptance of
any public deposit.
c) The company has not accepted any public deposit during the relevant
year.
d) The company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning for bad and doubtful debts as applicable to it.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph (3) of our report of even date of SHRI NIWAS
LEASING & FINANCE LIMITED, for the year ended 31st March 2014;
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) According to the information & explanations given to me, the fixed
assets of the company have been physically verified by the management
at reasonable intervals during the year which in my opinion are
reasonable having regard to the size of the company and the nature of
its business. No material discrepancies were noticed on such
verification.
(c) The company has not disposed off any fixed assets during the year.
2. The company does not have any inventories as at the date of the
Balance Sheet because all its purchases of shares etc. have been
treated as Investments.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act:-
(a) The company has neither granted nor taken any unsecured loan from
such parties during the year.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to the purchase and sale of Shares.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us, we are of opinion that
the transactions that need to be entered into a register maintained
under section 301 of the Companies Act, 1956 are being so entered.
(b) As per the audit procedures applied by us, and according to the
information and explanations given to us, with respect to the
transaction as entered in the register maintained under section 301,
exceeding the value of five lac rupees in respect to any party during
the financial year, the prices at which these have been made are
reasonable having regard to the market prices prevailing at the time of
the transaction.
6. The company has not accepted deposits from the public as defined in
section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956 for the year under review.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax and any other statutory dues with
the Appropriate Authorities.
(b) According to information and explanation given to us and as per the
books and records examined by us, there are no dues of income tax,
custom duty, excise duty, sale tax, wealth tax and cess which have not
been deposited on account of any dispute.
10. There are no accumulated losses in the company. The company has
neither incurred cash loss in the current financial year nor in the
immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the company has not defaulted
in repayment of dues to the financial institutions and banks.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
13. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) (Amended) Order 2004 are not applicable
to the company.
14. The Company has maintained proper records of the transactions and
contracts regarding dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company in its own name except to the extent of the
exemption granted under section 49 of the Act.
15. On the basis of information and explanation provided, the company
has not given any guarantee for loans taken by others from the banks
during the year.
16. On the basis of records available and information and explanation
given to us, during the year the company has not taken any terms loan.
17. On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments.
18. The company has not made any preferential allotment of shares
during the year.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. The company has not raised any money by public issues during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or report during the year, nor have we been
informed of such case by the management.
For Gaurav Ashok Jain & Associates
Chartered Accountants
FRN - 023419N
Sd/-
CA. Gaurav Jain
Partner
M.No. 506695
Delhi, April 12th 2014
Mar 31, 2013
We have audited the accompanying financial statements of M/s Shri Niwas
Leasing and Finance Limited which comprise the Balance Sheet as at
March 31, 2013. 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 and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 21 1 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation anci 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 o^ 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 Profit and Loss Account, of the loss 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.
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 iaw 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 (30 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
ANNEXURE TO THE AUDITOR''S REPORT
Referred to in paragraph (3) of our report of even date of SHRINIWAS
LEASING AND FINANCE LIMITED, for the year ended 3151 March 2013;
1. (a) The Company does not have any Fixed Assets during the year under
review, so this clause is not applicable on the company.
2. (a) On the basis of information and explanation provided by the
management, Inventories and investments in the form of Shares have been
physically verified by the management during the year. In our opinion,
frequency of verification is reasonable.
(b) In our opinion, procedures for physical verification of inventory
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, the company is maintaining proper records of
inventory. We have been exp ained that discrepancies noticed on
physical verification as compared to book records were not material and
the same have been properly dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act:-
(a) The company has neither granted nor taken any unsecured loan from
such parties during the year.
4. In our opinion and according to the information and explanations
given to us, thee is adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to the purchase and sale of Shares.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us, we are of opinion that
the transactions that need to be entered into a register maintained
under section 301 of the Companies Act, 1956 are being so entered.
(b) As per the audit procedures applied by us, and according to the
information and explanations given to us, with respect to the
transaction as entered in the register maintained under section 301,
exceeding the value of five lac rupees in respect to any party during
the financial year, the prices at which these have been made are
reasonable having regard to the market prices prevailing at the time of
the transaction.
6. The company has not accepted deposits from the public as defined in
section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1 )(d) of the
Companies Act, 1956 for the year under review.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax and any other statutory dues with
the Appropriate Authorities.
(b) According to information and explanation given to us and as per the
books and records examined by us, there are no dues of income tax,
custom duty, excise duty, sale tax, wealth tax and cess which have not
been deposited on account of any dispute.
10. There are accumulated losses in the company but it does not exceed
50% of its Net Worth. The company has not incurred cash loss in the
current financial year but there was cash loss in the immediately
preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us. the company has not defaulted
in repayment of dues to the financial institutions and banks.
12. The company has not granted any loans and advances on the basis ot
security by way of pledge of shares, debentures and other securities,
during the year under audit.
13. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Amended) Order 2004 are not applicable
to the company.
14. The Company has maintained proper records of the transactions and
contracts regarding dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company in its own name except to the extent of the
exemption granted under section 49 of the Act.
15. On the basis of information and explanation provided, the company
has not given any guarantee for loans taken by others from the banks
during the year.
16. On the basis of records available and information and explanation
given to us, during the year the company has not taken any terms loan.
17. On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments.
18. The company has not made any preferential allotment of shares
during the year.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. The company has not raised any money by public issues during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in rndia, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or report during the year, nor have we been
informed of such case by the management.
For Gaurav Ashok Jain & Associates
Chaptered Accountants
FRN 023419N
(Gaurav Jain)
Partner
M.No. 506695
Delhi, May 13th 2013
Mar 31, 2012
We have audited the attached Balance Sheet of SHRI NIWAS LEASING &
FINANCE LIMITED as at 31st March 2012 and also the Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
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 statements
presentation. We believe that our audit provides a reasonable basis or
our opinion.
As required by the Companies (Auditor''s Report) Order (Amended), 2004,
issued by the Central Government of India, in terms of Section 227(4A),
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 & 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 law, have
been kept by the Company, so far as appears from our examination of
such books;
c. The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of accounts;
d. In our opinion, the Balance Sheet and Profit and Loss Account of
the Company, comply with the Accounting Standards referred to in Sub
Section (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the said directors are disqualified as on 31st March 2012 from
being appointed as directors in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit & Loss
Account, read together with the notes 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 and
II. In the case of the Profit & Loss Account of the Loss of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph (3) of our report of even date of SHRI NIWAS
LEASING & FINANCE LIMITED, for the year ended 31st March 2012;
1. (a) The Company does not have any Fixed Assets during the year
under review, so this clause is not applicable on the company
2. (a) On the basis of information and explanation provided by the
management, Inventories/ Investments in the form of Shares have been
physically verified by the management during the year. In our opinion,
frequency of verification is reasonable.
(b) In our opinion, procedures for physical verification of inventory
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, the company is maintaining proper records of
inventory. We have been explained that discrepancies noticed on
physical verification as compared to book records were not material and
the same have been properly dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act:-
(a) The company has neither granted nor taken any unsecured loan from
such parties during the year.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to the purchase and sale of Shares.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us, we are of opinion that
the transactions that need to be entered into a register maintained
under section 301 of the Companies Act, 1956 are being so entered.
(b) As per the audit procedures applied by us, and according to the
information and explanations given to us, with respect to the
transaction as entered in the register maintained under section 301,
exceeding the value of five lac rupees in respect to any party during
the financial year, the prices at which these have been made are
reasonable having regard to the market prices prevailing at the time of
the transaction.
6. The company has not accepted deposits from the public as defined in
section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956 for the year under review.
9. (a) The company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax and any other statutory dues with
the Appropriate Authorities.
(b) According to the information and explanation given to us and as per
the books and records examined by us, there are no dues of income tax,
custom duty, excise duty, sale tax, wealth tax and cess which have not
been deposited on account of any dispute within 6 months form the date
they become payable.
10. There are accumulated losses in the company but it does not exceed
50% of its net worth. The company has incurred cash loss in the current
financial year but there was no cash loss in the immediately preceding
financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the company has not defaulted
in repayment of dues to the financial institutions and banks.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
13. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) (Amended) Order 2004 are not applicable
to the company.
14. The Company has maintained proper records of the transactions and
contracts regarding dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. The shares, securities, debentures and other securities have
been held by the company in its own name except to the extent of the
exemption granted under section 49 of the Act.
15. On the basis of information and explanation provided, the company
has not given any guarantee for loans taken by others from the banks
during the year.
16. On the basis of records available and information and explanation
given to us, during the year the company has not taken any terms loan.
17. On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments.
18. The company has not made any preferential allotment of shares
during the year.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. The company has not raised any money by public issues during the
year.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or report during the year, nor have we been
informed of such case by the management.
For Gaurav Ashok Jain & Associates
Chartered Accountants
FRN- 023419N
(Gaurav)
Partner M.No. 506695
Delhi, 3rd September, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of SHRI NIWAS LEASING AND
FINANCE LIMITED as at 31st March 2011 and also the Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
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 statements presentation. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Companies (Auditor s Report) Order (Amended), 2004,
issued by the Central Government of India, in terms of Section 227(4A),
of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 & 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 pure ose of our
audit;
b. In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books,
c. The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of accounts;
d. In, our opinion,, the Balance Sheet and Profit and Loss Account of
the Company, comply with the Accounting Standards referred to in Sub
Section (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the said directors are disqualified as on 31st March 2011 from
being appointed as directors in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said Balance Sheet and Profit & Loss
Account, read together with the notes 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 and
II. In the case of the Profit & Loss Account of the Loss ot the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS5 REPORT
Referred to in paragraph (3) of our report of even date of SHRI NIWAS
LEASING AND FINANCE LIMITED, for the year ended 31* March 2011;
1. (a) The Company does not have any Fixed Assets during the year
under review, so this clause is not applicable on the company.
2. (a) On the basis of information and explanation provided by the
management. Inventories and Investments in the form of Shares have been
physically verified by the management during the year. In our opinion,
frequency of verification is reasonable.
(b) In our opinion, procedures for physical verification of inventory
followed by the management are reasonable ano adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. We have been explained that discrepancies noticed on
physical verification as compared to book records were not material and
the same have been properly dealt with in the books of account.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act:-
(a) The company has neither granted nor taken any unsecured loan from
such parties during the year.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to the purchase and sale of Shares.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations given to us, we are of opinion that
the transactions that need to be entered into a register maintained
under section 301 of the Companies Act, 1956 are being so entered.
(b) As per the audit procedures applied by us, and according to the
information and explanations given to us, with respect to the
transaction as entered in the register maintained under section 301,
exceeding the value of five lac rupees in respect to any party during
the financial year, the prices at which these have been made are
reasonable having regard to the market prices prevailing at the time of
the transaction.
6. The company has not accepted deposits from the public as defined in
section 58A and 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) rules, 1975.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. we have been informed that the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 for the year under review depositing undisputed statutory
9. (a) The company is generally regular in depositing undisputed
statutory dues induding Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Service Tax and any other statutory dues wtth
the Appropriate Authorities.
(b) According to information and explanation given to us and as per the
books and records examined by us, there are no dues of Income tax,
custom duty, excise duty, sale tax, wealth tax and cess which have not
been deposited on account of any dispute.
10. There are accumulated losses in the company but it does not exceed
50% of its Net worth. The company has not incurred cash loss in the
current financial year but there was cash loss in the immediately
preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the company has not defaulted
in repayment of dues to the financial institutions and banks.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
during the year under audit.
13. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) (Amended) Order 2004 are not applicable
to the company.
14. The Company has maintained proper records of the transactions and
contracts regarding dealing or trading in shares, securities debentures
and other investments and timely entries have been made therein. The
shares, securities debentures and other securities have been held by
the company in its own name except to the extent of the exemption
granted under section 49 of the Act.
15. On the basis of information and explanation provided, the company
has not given any guarantee for loans taken by others from the banks
during the year.
16. On the basis of records available and information and explanation
given to us, during the year the company has not taken any terms loan.
17. On the basis of information and explanation given to us and an
overall examination of the balance sheet, we report that no funds
raised on short-term basis have been used for long-term investments.
18. The company has not made any preferential allotment of shares
during the year.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. The company has not raised any money by public issues during the
year. out in and
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the companny, noticed or report during the year, nor have we been
informed of such case by the management.
For Gaurav Ashok Jain & Associates
Chartered Accountants
Sameer Jain
Partner
M.No. 512653
Camp: Delhi
Date: 17.05.2011
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