Mar 31, 2015
We have audited the accompanying standalone financial statements of
Step Two Corporation Ltd., which comprise the balance sheet as at 31
March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and 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 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
interna! 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 standalone
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, of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters, specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 154 (2) of the
Act; and
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 contract including
derivatives contracts for which there were any material foreseeable
losses; and
iii. there were no amount which is required to be transferred to the
Investor Education and Protection Fund by the Company,
As required by the "Non Banking Financial Companies Auditor's Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said Directions, namely the following: -
1. The company, incorporated prior to January 9, 1997, has applied for
registration as provided in section 451A of the Reserve Bank of India
Act, 1934 (2 of 1934), The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India & the Registration
no. is 05,02614 dated 04.06.1998.
2. The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
3. The Company has not accepted any public deposits during the year
under reference.
4. The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO THE INDIPENDENT AUDITORS REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
1. Fixed Assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. As explained to us, all fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
2. In respect of its inventories:
a. As explained to us, inventory have been physically verified by the
management at regular interval during the year.
b. In our opinion and according to information & explanation given to
us, the procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of -inventory as compared to the books of
accounts.
3. The company has not granted any loans secured or unsecured to
companies, firm and other parties covered in the register maintained
under section 189 of Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the si2e of the Company and the nature of its business with regard
to purchase of inventory, purchase of fixed assets and sale of product
& services. We have not observed any major weakness in the internal
control system during the course of the audit.
5. The Company has not accepted any deposits from the public.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, in respect of activities of
the Company.
7. In respect of Statutory dues:
a. According to the records maintained by the Company and information
and explanations given to us, undisputed statutory dues in respect of
Income Tax, wealth tax, sales tax, custom duty, excise duty, Service
Tax, Cess and other statutory dues have been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at March 31,2015 for a period of
more than six months from the date of become payable.
b. There are no Disputed Statutory dues.
c. According the information and explanations given to us there were
no amount which is required to be transferred to the Investor Education
and Protection Fund, during the year, by the company.
8. The company has accumulated loss of Rs. 22,33,598/- at the end of
the financial year. It has not incurred any cash losses in the
financial year and in the immediately preceding financial year.
9. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
10. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions, the terms
and conditions whereof are prejudicial to the interest of the company.
11. The Company has not taken any term loans from bank or financial
institution during the period under reference.
12. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
for AGRAWAL SINGHANIA & CO.
Chartered Accountants
Place : Kolkata (Sanjay Kumar Agrawal)
Date : 20.05.2015 partner
Membership No. 056837
Mar 31, 2014
We have audited the accompanying financial statements of Step Two
Corporation limited, which comprise the Balance Sheet as at March 31,
2014, the Profit and Loss Account 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. 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 Profit and Loss Account, of the profit for the
year ended on that date;
c) in the case of the Cash Flow Statement, Of the cash flows for the
year ended on the date.
Report on Other Legal and Regulatory Requirements
1. 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 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, Profit and Loss Account and Cash Flow Statement
dealt with by this Report are in agreement with the books of account
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS REPORT
1) In respect of its fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year. No material
discrepancies were noticed on such verification.
c. There was no substantial disposal of fixed assets during the year
2) In respect of its inventories:
a. As explained to us, the inventories have been physically verified
by management at regular intervals during the year.
b. In our opinion and according to information and explanation given
to us, the procedures for physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) In respect of Loans, secured or unsecured granted to or taken from
Companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956:
a. The Company has not given any loans secured or unsecured to
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
b. The Company has not taken any loans secured or unsecured from
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
4) In our opinion, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to the purchase and sale of inventories and fixed assets.
5) In respect of contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Companies act, 1956 have been so entered.
b. In our opinion and according to information and explanation given
to us, no transactions are made in pursuance of contracts or
arrangements entered in the register maintained under section301 of the
Companies Act, 1956.
6) The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions of the Companies
Act and the rules framed there under.
7) According to the information and explanations given to us, the
company does not have an internal audit system commensurate with its
size and nature of its business.
8) No cost record has been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9) In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Income Tax, Service Tax, Cess and other statutory dues have
been regularly deposited with the appropriate authorities According to
the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at March
31,2014 for a period of more than six months from the date of become
payable.
b. The details of disputed statutory dues are as under:
Status Period for which Amount of Disputed
related demand payable
Income Tax Act, 1961 2005-06 Rs.3,96,105
Status remark
Income Tax Act, 1961 Pending with C.I.T.(A)
10) The Company has been registered for a period of more than five
years and it has accumulated losses of Rs.22,58,056/-at the end of the
financial year. It has not incurred any cash loss in the current
financial year nor in the immediately preceding financial year.
11) The company does not have dues to a financial institution or bank
or debenture holders.
12) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, the company is not a chit fund or a nidhi or mutual
benefit fund / society. Accordingly, the provisions of clause 4(xiii)
of the Order are not applicable to it.
14) In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in shares & other
investments and timely entries have been made therein and the shares,
securities, debentures and other securities have been held by the
company, in its own name.
15) The company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
16) The Company has not taken any term loans during the year under
reference.
17) The Company has not raised any funds on short-term basis, which
have been used for long term investment.
18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
19) The Company has not raised any money by issue of debentures.
20) The Company has not raised any money by public issue during the
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For AGRAWAL SINGHANIA & CO.
Chartered Accountants
Place: Kolkata (Sanjay Kumar Agarwal)
Date: 30.04.2014 Partner
Membership No. 056837
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Step Two
Corporation Limited, which comprise the Balance Sheet as at March 31,
2013, the Profit and Loss Account and Cash Flow Statement for the year
men 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. 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
weU 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:
b) in the case of the Profit and Loss Account, of the profit/ loss
forthe year ended On that date;
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on the date. Report on Other Legal and Regulatory
Requirements
1. 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 Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. AsrequiredbysectJon227(3)oftheAct,wereportthat:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe 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, Profit and Loss Account and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITOR''S REPORT
1) In respect of its fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year. No material
discrepancies were noticed on such verification.
c. There was no substantial disposal of fixed assets during the year
2) In respect of its inventories:
a. As explained to us, the inventories have been physically verified
by management at regular intervals during the year.
b. In our opinion and according to information and explanation given
to us, the procedures for physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of me company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) In respect of Loans, secured or unsecured granted to or taken from
Companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956:
a. The Company has not given any loans secured or unsecured to
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
b. The Company has not taken any loans secured or unsecured from
companies, firms & other parties covered in the register maintained u/s
301 of the. Companies Act, 1956.
4) In our opinion, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to the purchase and sale of inventories and fixed assets.
5) Inrespeci of contract sorarrangement sreferredto in Sectibn 301 of
the Companies Act,1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Companies act, 1956 have been so entered.
b. In our opinion and according to information and explanation given
to us, no transactions are made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of me
Companies Act, 1956.
6) The Company has not accepted any deposits under the provisions of
Section 58A and 5SAA or any other relevant provisions of the Companies
Act and the rules framed there under.
7) According to the information and explanations given to us, the
company does not have an internal audit system commensurate with its
size and nature of its business.
8) No cost record has been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9) In respect of statutory dues:
According to the records of the Company, undisputed statutory dues
including Income Tax, Service Tax, Cess and other statutory dues have
been regularly deposited with the appropriate authorities According to
the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at March
31,2013 for a period of more than six months from the date of become
payable.
10) The Company has been registered for a period of more than five
years and it has accumulated losses of Rs.23,90,157/- at the end of the
financial year. It has not incurred any cash loss in the current
financial year nor in the immediately preceding financial year.
11) The company does not have dues to a financial institution or bank
or debenture holders.
12) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, the company is not a chit fund or a nidhi or mutual
benefit fund / society. Accordingly, the provisions of clause 4(xiii)
of the Order are not applicable to it.
14) In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in shares & other
investments and timely entries have been made therein and the shares,
securities, debentures and other securities have been held by the
company, in its own name.
15) The company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
16) The Company has not taken any term loans during the year under
reference.
17) The Company has not raised any funds on short-term basis, which
have been used for long term investment.
18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
19) The Company has not raised any money by issue of debentures.
20) The Company has not raised any money by public issue during the
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
Registered Office: By Order of the Board
21, Hemant Basu Sarani, Bbola Nath Manna
5th Floor, Suite No. 507, Executive Director
Kolkata 700001
Dated: 2nd September, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. Step Two Corporation
Limited, as at 31st March, 2012, and the Profit and Loss Account of the
company annexed thereto for the year ended on that date and the cash
flow statement for the period ended on that date, which we have signed
under reference to this report. 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors' Report) Order, 2003, as amended
by the Companies (Auditor's Report) (Amendment) Order, 2004, (together
the 'Order") issued by the Central Government of India in terms of
Section 227(4A) of the Act and on the basis of such checks as we
considered appropriate, and according to the information and
explanations given to us, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
We further report that:
1. 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
2. In our opinion proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
the books of the company.
3. The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of accounts of the company.
4. In our opinion the Profit and Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
5. 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 are disqualified as on
31st March 2012 from being appointed as a director in terms of dause
(g) of subjection (1) of section 274of the Companies Act, 1956;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet & the Profit &
Loss Accounts read together with and subject to the
Notes thereon give 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 the Balance Sheet, of the state of affairs of the
Company ason 31stMarch, 2012,
b) In the case of the Profit and Loss Account, of the Profit of the
company 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.
As required by the "Non Banking Financial Companies Auditor's Report
(Reserve Bank) Directions, 1998", we further state mat we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said Directions, namely the following:-
i) The company, incorporated prior to January 9,1997, has applied for
registration as provided in section 45IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India & the Registration
no. is 05.02614 dated 04.06.1998.
ii) The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
iii) The Company has not accepted any public deposits during the year
under reference.
iv) The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO AUDITORS' REPORT
1) In respect of its fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year. No material
discrepancies were noticed on such verification.
c. There was no substantial disposal of fixed assets during the year
2) In respect of its inventories:
a. As explained to us, the inventories have been physically verified
by management at regular intervals during the year.
b. In our opinion and according to information and explanation given
to us, the procedures for physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) In respect of Loans, secured or unsecured granted to or taken from
Companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956:
a. The Company has not given any loans secured or unsecured to
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
b. The Company has not taken any loans secured or unsecured from
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956.
4) In our opinion, there are adequate internal control procedures
commensurate with ihe size of the company and nature of its business
with regard to the purchase and sale of inventories and fixed assets.
5) In respect of contracts or arrangements referred to in Section 30l
of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Companies act, 1956 have been so entered.
b. In our opinion and according to information and explanation given
to us, no transactions are made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
6) The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions of the Companies
Acfeand the rules framed there under.
7) According to the information and explanations given to us, the
company does not have an internal audit system commensurate with its
size and nature of its business.
8) No cost record has been prescribed by the Central Government under
da use (d) of sub-section (1) of section 209 of the Act
9) In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Income Tax, Service Tax, Cess and other statutory dues have
been regularly deposited with the appropriate authorities According to
the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at March
31,2012 for a period of more than six months from the date of become
payable.
b. The details of disputed statutory dues are as under:
Status Period for which Amount of Disputed remark
related demand payable
Income Tax Act, 2005-06 Rs. 3,96,105 Rending with
1961 C.I.T.(A)
10) The Company has been registered for a period of more than five
years and it has accumulated losses of Rs.25,81,155/- at the end of the
financial year. It has not incurred any cash loss in the current
financial year nor in the immediately preceding financial year.
11) The company does not have dues to a financial institution or bank
or debenture holders.
12) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, the company is not a chit fund or a nidhi or mutual
benefit fund / society. Accordingly, the provisions of clause 4(xiii)
of the Order are not applicable to it.
14) In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in shares & other
investments and timely entries have been made therein and the shares,
securities, debentures and other securities have been held by the
company, in its own name.
15) The company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to (he interest of the company.
16) The Company has not taken any term loans during the year under
reference.
17) The Company has not raised any funds on short-term basis, which
have been used for long term investment.
18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
19) The Company has not raised any money by issue of debentures.
20) The Company has not raised any money by public issue during me
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For AGRAWAL SINGHAN1A & CO.
Charted Accountants
Place : Kolkata (Sanjay Kumar Agrawal)
Date : 30.04.2012 Partner
Membership No. 056837
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. Step Two Corporation
Limited, as at 31st March, 2011, and the Profit and Loss Account of the
company for the year ended on that date annexed thereto and the cash
flow statement for the period ended on that date, which we have signed
under reference to this report. 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting' principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for bur opinion.
As required by the Companies (Auditors' Report) Order, 2003, as amended
by the Companies (Auditor's Report) (Amendment) Order, 2004, (together
the 'Order') issued by the Central Government of India in terms of
Section 227(4A) of the Act and on the basis of such checks as we
considered appropriate, and according to the information and
explanations given to us, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
We further report that:
1. We have obtained all information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
2. In our opinion proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
the books of the company.
3. The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of accounts of the company.
4. In our opinion the Profit and Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
5. 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 are disqualified as on
31st March, 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274of the Companies Act, 1956;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet & the Profit &
Loss Accounts read together with and subject to the
Notes thereon and Schedule annexed thereto give *tbe 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 case of the Balance Sheet, of the state of affairs of the Company
as on 31st March, 2011;
b) In case of the Profit and Loss Account, of the profit of the company
for the year ended on that date;
c) In case of cash flow statement, of the cash flows for the year ended
on that date.
As required by the "Non Banking Financial Companies Auditor's Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said Directions, namely the following:-
i) The company, incorporated prior to January 9,1997, has applied for
registration as provided in section 45-IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India & the Registration
no. is 05.02614 dated 04.06.1998.
ii) The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
iii) The Company has not accepted any public deposits during the year
under reference.
iv) The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO AUDITORS' REPORT
1. In respect of its fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b. The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year. No material
discrepancies were noticed on such verification..
c. The company has not disposed off substantial part of fixed assets
during the year and it has not affected the going concern status of
the 'company.
In respect of its inventories:
a. As explained to us, the inventories have been physically verified by
the management at regular intervals during the year.
b.In our opinion and according to information and explanation given to
us, the procedures for physical verification of inventories followed by
the management are reasonable and adequate
in relation to the size of the company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies 'noticed on
physical verification of inventory as compared to the book records.
3. In respect of locates, secured or unsecured granted to or taken from
Companies/firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956:
a. According to the information and explanations giver* to us,
the-company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained.
u/s3Ql of the Companies Act, 1956.
b. The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered the register maintained u/s
301 of the Companies Act, i 956.
4. In our opinion and according to information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for the purpose of
inventory and fixed assets and for sale of goods and supply of
services. During the course of audit, we have not observed any
continuing failure to correct major weakness in internal control.
5. In respect of contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to information and explanation given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 are made at price which are reasonable having regard to
prevailing market prices at relevant time.
6. The Company has not accepted any deposits under the provisions of
Section 58A and 58AA or any other relevant provisions of the Act and
the rules framed there under.
7. According to the information and' explanations given' to us the
company does not have an internal audit system commensurate with its
size and nature of its business.
8. We cost record has been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Income Tax, Service Tax, Cess and other statutory dues have
been regularly deposited with the appropriate authorities. According to
the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at March
31, 2011 for a period of more than six months from the date of become
payable..
b. There are no disputed statutory dues.
10. The Company has been registered for a period of more than five
years and it has an accumulated losses of Rs.30,39,082/- [Previous
Year: Rs.30,69,474/-] at the end of the financial year. It fias not
incurred any cash losses in the current financial year but it has
incurred cash losses of Rs.23,36,002/-in the immediately preceding
financial year.
11., The company does not have any dues payable to a bank or financial
institution or debenture holders.
12. In our opinion and according to information and explanations given
to us, the Company has not granted any loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
13. According to information and explanations given to us, the company
is not-a chit fund or a nidhi or mutual benefit fund / society.
Accordingly, the provisions of Clause 4(xiii) of the Order are not
applicable to it.
14. In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in shares & other
investments and timely entries have been made therein and the shares,
securities, debentures and other securities have been held by the
company, in its own name.
15. On the basis of records examined by us and information provided by
the management, we are Of the opinion that the company has not given
guarantees for loan taken by other from banks or financial Institution.
16. The Company has not taken any term loans during the year under
reference.
17. Based on the overall examination of the Balance Sheet of the
company, we report that no funds raised on short-term basis have been
used for long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies cohered in the Register maintained under section
301 of the Act.
19. The Company has not raised any money by issue of debentures.
20. The Company has not raised any money by public issue during the
year under audit. æ
21. As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For AGRAWAL SINGHANIA & CO.
Chartered Accountants
Place : Kolkata (Sanjay Kumar Agrawal)
Date : 30.04.2011 Partner
Membership No. 056837
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. Step Two Corporation
Limited, as at 31st March, 2010, and the Profit and Loss Account of the
company for the year ended on that date annexed thereto and the cash
flow statement for the period ended on that date, which we have signed
under reference to this report. 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003, as amended
by the Companies (Auditors Report) (Amendment) Order, 2004, (together
the Order) issued by the Central Government of India in terms of
Section 227(4A) of the Act and on the basis of such checks as we
considered appropriate, and according to the information and
explanations given to us, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
We further report that:
1. 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.
2. In our opinion proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
the books of the company.
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts of the company.
4. In our opinion the Profit and Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
5. On the basis of written representations received from the
directors, as on 31" March, 2010, and taken on record by the Board of
directors, we report that none of the directors are 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;
6. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet & the Profit &
Loss Accounts read together with and subject to the Notes thereon and
Schedules annexed thereto give 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 the Balance Sheet, of the state of affairs of the
Company as on 31st March, 2010,
b) In the case of the Profit and Loss Account, of the Loss of the
company 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.
As required by the "Non Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998", we further state that we have
submitted a Report to the Board of Directors of the Company containing
a statement on the matters of supervisory concern to the Reserve Bank
of India as specified in the said Directors, namely the following :-
i). The company, incorporated prior to January 9,1997, has applied for
registration as provided in section 45IA of the Reserve Bank of India
Act, 1934 (2 of 1934). The Company has been granted certificate of
registration as NBFC by the Reserve Bank of India & the Registration
No. is 05.02614 dated 04.06.1998.
ii). The Board of Directors of the Company has passed a Resolution for
non-acceptance of any public deposits.
iii). The Company has not accepted any public deposits during the year
under reference.
iv). The Company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning of bad doubtful debts as applicable to it.
ANNEXURE TO AUDITORS REPORT
1). a. The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year. No material
discrepancies were noticed on such verification.
c. There was no substantial disposal of fixed assets during the year.
2). The nature of the business of the company is dealing in shares and
securities and financing activities. In view of the said nature of
business Accounting Standard 2 "Valuation of Inventories" is not
applicable to the company.
Accordingly, clauses (ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the
Order are not applicable.
3). a. According to the information and explanations given to us the
Company has not granted loans to any person covered in the register
maintained u/s 301 of the Companies Act, 1956. Accordingly clauses
(iii)(a), {iii)(b), {iii)(c), (Hi)(d) of paragraph 4 of the Order are
not applicable to the Company.
b. The Company has not taken any loans secured or unsecured from
companies, firms & other parties covered in the register maintained u/s
301 of the Companies Act, 1956, Accordingly clauses (iii) (f) and (iii)
(g) of paragraph 4 of the Order are not applicable to the Company.
4). In our opinion, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to the purchase and sale of inventories and fixed assets.
5) a. In our opinion and according to the information and explanations
given to us, no contracts or arrangements as referred to in section 301
of the Act have been entered into by the Company. Accordingly clauses
(v)(a) and (v)(b) of paragraph 4 of the Order are not applicable to
the Company.
b. The register, required to be maintained under section 301 of the
Companies Act, 1956 has been properly maintained.
6) The Company has not accepted any deposits under the provisions of
Section 58A and58AA or any other relevant provisions of the Act and the
rules framed there under.
7) According to the information and explanations given to us, the
company does not have an internal audit system commensurate with its
size and nature of its business.
8) No cost record has been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9) a. The Company is regular in depositing undisputed statutory dues
in respect of Income tax, cess and any other statutory dues with the
appropriate authorities. Provisions of the Employees Provident Fund,
Miscellaneous Provisions Act, Employees State Insurance Act, Sales
Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty are not
applicable to the Company.
b. According to the information and explanations given to us and the
records of the Company examined by us, there are no statutory dues,
which have not been deposited on account of any dispute.
10) The Company has been registered for a period of more than five
years and it has accumulated losses of Rs. 43,23,838.18/- at the end of
the financial year, it has incurred cash loss of Rs. 15,95,305.64/- in
the current financial year but it has not incurred any gash loss in the
immediately preceding financial year.
11) The company does not have dues to a financial institution or bank
or debenture holders.
12) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, considering the nature of activities carried on by
the Company during the year, the provisions of any special statute
applicable to chit funds / nidhi / mutual benefit funds / societies are
not applicable to it.
14) In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in shares & other
investments and timely entries have been made therein and the shares,
securities, debentures and other securities have been held by the
company, in its own name.
15) The company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
16) The Company has not taken any term loans during the year under
reference.
17) The Company has not raised any funds on short-term basis, which
have been used for long term investment.
18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
19) The Company has not raised any money by issue of debentures.
20) The Company has not raised any money by public issue during the
year.
21) As per the information and explanations given to us and on the
basis of examination of records, no material fraud on or by the Company
was noticed or reported during the year.
For AGRAWAL S1NGHAN1A & CO.
Chartered Accountants
Place : Kolkata (Sanjay Kumar Agrawal)
Date: 30.04.2010 Partner
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