Mar 31, 2015
We have audited the accompanying standalone financial statements of
SUMEDHA FISCAL SERVICES LIMITED ('the Company'), which comprise the
Balance Sheet as at 31st 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material 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 statement
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 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 standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of the written representations received from the
directors as on 31 March 2015, and 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 164 (2) of the
Companies Act, 2013.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any foreseeable losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the SUMEDHA FISCAL SERVICES LIMITED on the standalone
financial statements for the year ended 31st March 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
2. a) Inventories of the Company have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. a) According to the information and explanation given to us the
company has granted unsecured loan to its subsidiary company covered in
the register maintained under section 189 of the Companies' Act, 2013.
b) In respect of aforesaid unsecured loan, receipt of interest is
regular and the principal amount is repayable on demand.
c) There are no overdue amount of more than Rupees one lakh in respect
of the loans granted to its Subsidiary company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and securities and fixed assets and for
the sale of shares, services and property. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. The company has not accepted any deposits from the public within
the meaning of Section 73 to 76 or any other relevant provisions of the
Act and the rules framed there under.
6. The provisions of the Companies Act for maintenance of cost records
under Section 148(1) are not applicable to the company.
7. (a) According to the information and explanations given to us and the
books and records examined by us, the company is regular in depositing
with the appropriate authorities the undisputed statutory dues relating
to Provident Fund, Employees State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added
Tax, Cess and other statutory dues as applicable to it have been
regularly deposited during the year by the Company with the appropriate
authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income tax, Service Tax, Cess
and other material statutory dues were in arrears as at 31 March 2015
for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of income tax, service tax, sales tax, wealth-tax, custom
duty, excise duty and cess which have not been deposited on account of
any dispute, except as under
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
Name of the statute Nature Amount Period to which the
pending of dues (Rs. ) amount relates
Income-tax Act,1961 Income Tax 1,15,615 AY 2008-09
Name of the statute Forum where
pending dispute is pending
Income-tax Act,1961 Commissioner of
Income Tax (Appeals)
8. The Company has no accumulated losses as at 31st March 2015 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
10. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
11. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
12. According to the information and explanations given by the
management to us, we report that no fraud on or by the company has been
noticed or reported during the course of our audit.
For ARSK & Associates
Chartered Accountants
Firm's Registration No. 315082E
CA. Ravindra Khandelwal
Place : Kolkata Partner
Date: 16th May, 2015 Membership No. 054615
Mar 31, 2014
We have audited the accompanying financial statements of SUMEDHA FISCAL
SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. 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. but not for the purpose of expressing
an opinion on the effectiveness of the Company''s internal control. 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; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) Amendment Order, 2004
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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
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 and with the returns received from branches not visited by us;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in paragraph 1 of our Report of even date to
the members of SUMEDHA FISCAL SERVICES LIMITED on the accounts of the
Company for the year ended March 31, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
c) Since there is no disposal of substantial part of fixed assets
during the year, paragraph 4(i)(c) of the Companies (Auditor''s Report)
Order, 2003 is not applicable.
2. a) Inventories of the Company comprising of shares and securities
have been physically verified by the management at reasonable intervals
during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. a) According to the information and explanation given to us the
Company has granted unsecured interest free loan to its subsidiary
company covered in the register maintained under section 301 of the
Companies'' Act, 1956. The maximum amount involved during the year is Rs.
48.50 lakhs and the year end balance is Rs 14 lakhs.
b) In our opinion and according to the information and explanation
given to us, interest and other terms and conditions of the loan given
are not prima facie prejudicial to the interest of the Company.
c) As the loan is repayable on demand and is interest free, clause
(iii) (c) and (iii) (d) of the paragraph 4 of the Order are not
applicable.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and securities and fixed assets and for
the sale of shares, services and property. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements
that need to be entered into the register in pursuance Section 301 of
Act, have been so entered in the register maintained as per requirement
of that Section.
b) In our opinion and according to the information and explanations
given to us, each of these transactions have been made in pursuance of
such contracts or arrangements at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. The provisions of the Companies Act for maintenance of cost records
under Section 209(1)(d) are not applicable to the Company.
9. a) According to the information and explanations given to us and
the books and records examined by us, the Company is regular
in depositing with the appropriate authorities the undisputed statutory
dues relating to Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other statutory dues as applicable
to it.
b) According to the information and explanations given to us and the
books and records examined by us, there are no undisputed amount
payable, in respect Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess outstanding as at 31st March, 2014 for
a period exceeding 6 months from the date they become payable.
c) According to the information and explanations given to us, there are
no dues of Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess which have not been deposited on
account of any dispute.
10. The Company has no accumulated losses as at 31st March 2014 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
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.
13. The provisions of special nature applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments. The Company has
maintained proper records of transaction and contracts in respect of
trading in securities, debenture and other investment and timely
entries have been made therein. The shares, securities, debentures and
other investments, which are held by the Company, are in the Company''s
name except in few cases of illiquid scripts lying in the name of
erstwhile merged entity.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given by the
management to us, we report that no fraud on or by the Company has been
noticed or reported during the course of our audit.
For ARSK & Associates
Chartered Accountants
Firm''s Registration No. 315082E
CA. Ravindra Khandelwal
Place : Kolkata Partner
Date: 17th May, 2014 Membership No. 054615
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SUMEDHA FISCAL
SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 "the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
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 and with the returns received from branches not visited by us;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of our Report of even date to
the members of SUMEDHA FISCAL SERVICES LIMITED on the accounts of the
company for the year ended March 31, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
c) Since there is no disposal of substantial part of fixed assets
during the year, paragraph 4(i)(c) of the Companies (Auditor''s Report)
Order, 2003 is not applicable.
2. a) Inventories of the Company comprising of shares and securities
have been physically verified by the management at reasonable intervals
during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. a) According to the information and explanation given to us the
company has granted unsecured interest free loan to its subsidiary
company covered in the register maintained under section 301 of the
Companies'' Act, 1956. The maximum amount involved during the year is
Rs. 10 Lakhs and the year end balance is Rs. 3.5 Lakhs.
b) In our opinion and according to the information and explanation
given to us, interest and other terms and conditions of the loan given
are not prima facie prejudicial to the interest of the company.
c) As the loan is repayable on demand and is interest free, clause
(iii) (c) and (iii) (d) of the paragraph 4 of the order are not
applicable.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and securities and fixed assets and for
the sale of shares, services and property. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements that need to
be entered into the register in pursuance Section 301 of Act, have been
so entered in the register maintained as per requirement of that
Section.
b) In our opinion and according to the information and explanations
given to us, each of these transactions have been made in pursuance of
such contracts or arrangements at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. The provisions of the Companies Act for maintenance of cost records
under Section 209(1)(d) are not applicable to the company.
9. a) According to the information and explanations given to us and
the books and records examined by us, the company is regular in
depositing with the appropriate authorities the undisputed statutory
dues relating to Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other statutory dues as applicable
to it.
b) According to the information and explanations given to us and the
books and records examined by us, there are no undisputed amount
payable, in respect Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess outstanding as at 31st March, 2013 for
a period exceeding 6 months from the date they become payable.
c) According to the information and explanations given to us, there are
no dues of Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess which have not been deposited on
account of any dispute.
10. The Company has no accumulated losses as at 31st March 2013 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
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.
13. The provisions of special nature applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments. The Company has
maintained proper records of transaction and contracts in respect of
trading in securities, debenture and other investment and timely
entries have been made therein. The shares, securities, debentures and
other investments, which are held by the Company, are in the Company''s
name except in few cases of illiquid scripts lying in the name of
erstwhile merged entity.
15. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
17. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given by the
management to us, we report that no fraud on or by the company has been
noticed or reported during the course of our audit.
For ARSK & Associates
Chartered Accountants
Firm''s Registration No. 315082E
CA. Ravindra Khandelwal
Place : Kolkata Partner
Date: 18th May, 2013 Membership No. 054615
Mar 31, 2012
1. We have audited the attached Balance Sheet of SUMEDHA FISCAL
SERVICES LIMITED, as at 31st March, 2012, the Profit and Loss
Statement and also the Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We 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 from material misstatements. 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.
3. As required by the Companies (Auditor's 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 sub-section (4A) of Section 227 of the Companies Act, 1956 of
India (the Act) and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we enclose in the
Annexure, a Statement on the matters specified in paragraphs 4 and 5 of
the said Order, to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph 3
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 account as required by law have been
kept by the Company, so far as appears from our examination of those
books and proper returns adequate for the purpose of our audit have
been received from the branches not visited by us.
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company;
d) In our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
e) On the basis of the written representations received from the
directors of the Company, as on 31st March, 2012 and taken on record by
the Board of Directors of the Company, we report that none of the
Directors is disqualified as on 31st March, 2012 from being appointed
as a director in terms of clause (g) of sub section (1) of section 274
of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2012;
ii. in the case of the Profit and Loss Statement, of the profit for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Referred to in paragraph 3 of the Auditors' Report of even date to the
members of SUMEDHA FISCAL SERVICES LIMITED on the financial statements
for the year ended March 31, 2012.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
c) Since there is no disposal of substantial part of fixed assets
during the year, paragraph 4(i)(c) of the Companies (Auditor's Report)
Order, 2003 is not applicable.
2. a) Inventories of the Company comprising of shares have been
physically verified by the management at reasonable intervals
during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. a) The Company has given unsecured interest free loan to its
subsidiary. The maximum amount involved during the year is 74
lakhs and the year end balance is Rs. 10 lakhs.
b) In our opinion and according to the information and explanation
given to us, interest and other terms and conditions of the loan given
are not prima facie prejudicial to the interest of the Company.
c) As the loan is repayable on demand and is interest free, clause
(iii) (c) and (iii) (d) of the paragraph 4 of the order are not
applicable.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and fixed assets and for the sale of
shares, services and property. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements
that need to be entered into the register in pursuance Section 301 of
the Act, have been so entered in the register maintained as per
requirement of that Section.
b) In our opinion and according to the information and explanations
given to us, each of these transactions have been made in pursuance of
such contracts or arrangements at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Company's present internal audit system is
commensurate with its size and nature of its business.
8. The provisions of the Companies Act for maintenance of cost records
under Section 209(1)(d) are not applicable to the Company.
9. a) According to the information and explanations given to us and
the books and records examined by us, the Company is regular
in depositing with the appropriate authorities the undisputed statutory
dues relating to Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other statutory dues as applicable
to it.
b) According to the information and explanations given to us and the
books and records examined by us, there are no undisputed amount
payable, in respect to Provident Fund, Employees State Insurance,
Investor Education and Protection Fund, Income Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess outstanding as at 31 st March,
2012 for a period exceeding 6 months from the date they become payable.
c) According to the information and explanations given to us, there are
no dues of Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess which have not been deposited on
account of any dispute.
10. The Company has no accumulated losses as at 31st March 2012 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
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.
13. The provisions of special nature applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments. The Company has
maintained proper records of transaction and contracts in respect of
trading in securities, debenture and other investment and timely
entries have been made therein. The shares, securities, debentures and
other investments, which are held by the Company, are in the Company's
name except in few cases of illiquid scripts lying in the name of
erstwhile merged entity.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments.
18. The Company has made Preferential Allotment of Equity Share during
the year of Rs. 10/- each at a premium of Rs. 21/- each to three companies
covered in the register maintained under section 301 of the Companies
Act and the terms and conditions on which such shares are issued are
not prejudicial to the interest of the Company.
19. The Company has not issued any Debenture during the year.
20. The Company has not raised any money by way of Public Issue during
the year.
21. According to the information and explanations given by the
management to us, we report that no fraud on or by the Company has been
noticed or reported during the course of our audit.
For ARSK & ASSOCIATES
Chartered Accountants
Firm's Registration No. : 315082E
(CA. S. K. Kabra)
Place : Kolkata Partner
Date: May 26, 2012 Membership No. 052205
Mar 31, 2010
1. We have audited the attached Balance Sheet of SUMEDHA FISCAL
SERVICES LIMITED, as at 31st March, 2010, the Profit and Loss Account
and also the Cash Flow Statement of the Company for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. 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 from material misstatements. 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.
3. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (Auditors Report)(Amendment) Order, 2004,
(together the ÃOrderÃ) issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act, 1956 of
India (the Act) and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanations given to us, we enclose in the
Annexure, a Statement on the matters specified in paragraphs 4 and 5 of
the said Order, to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph 3
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 account as required by law have been
kept by the Company, so far as appears from our examination of those
books and proper returns adequate for the purpose of our audit have
been received from the branches not visited by us.
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 of
the Company;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) On the basis of the written representations received from the
directors of the Company, as on 31st March, 2010 and taken on record by
the Board of Directors of the Company, we report that none of the
Directors is disqualified as on 31st March, 2010 from being appointed
as a director in terms of clause (g) of sub section (1) of section 274
of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii. in the case of the Profit and Loss Account, of the profit for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of the Auditors Report of even date to the
members of SUMEDHA FISCAL SERVICES LIMITED on the financial statements
for the year ended March 31, 2010.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of
fixed assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
c) Since there is no disposal of substantial part of fixed assets
during the year, paragraph 4(i)(c) of the Companies (Auditors Report)
Order, 2003 is not applicable.
2. a) Inventories of the Company comprising of shares and property
have been physically verified by the management at
reasonable intervals during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. According to the information and explanation given to us & in our
opinion the company has not granted or taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly clauses 4(iii)(b) to 4(iii)(g) of the Companies (Auditors
Report) Order, 2003 are not applicable.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and property and fixed assets and for
the sale of shares and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or
arrangements that need to be entered into the register in pursuance
Section 301 of Act, have been so entered in the register maintained as
per requirement of that Section.
b) In our opinion and according to the information and explanations
given to us, each of these transactions have been made in pursuance of
such contracts or arrangements at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Companys present internal audit system is
commensurate with its size and nature of its business.
8. The provisions of the Companies Act for maintenance of cost records
under Section 209(1)(d) are not applicable to the company.
9. a) According to the information and explanations given to us and
the books and records examined by us, the company
is regular in depositing with the appropriate authorities the
undisputed statutory dues relating to Provident Fund,
Employees State Insurance, Investor Education and Protection Fund,
Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess
and other material statutory dues as applicable to it.
b) According to the information and explanations given to us and the
books and records examined by us, there are no undisputed amount
payable, in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, Cess outstanding as at 31st March, 2010 for a
period exceeding 6 months from the date they become payable.
10. The Company has no accumulated losses as at 31st March 2010 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
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.
13. The provisions of special nature applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion, the Company is a dealer or trader in shares,
securities, debentures and other investments. The Company has
maintained proper records of transaction and contracts in respect of
trading in securities, debenture and other investment and timely
entries have been made therein. The Company in its own name holds the
stock of securities, debenture and other investments. The shares,
securities, debentures and other investments, which are held by the
Company, are in the Companys name except in few cases of illiquid
scrips lying in the name of erstwhile merged entity.
15. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
17. On the basis of an overall examination of the Balance Sheet of the
company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments.
18. The Company has not made preferential allotment of shares during
the year to parties and companies covered in the Register maintained
under Section 301 of the Act.
19. The Company has not issued any Debenture.
20. The Company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given by the
management to us, we report that no fraud on or by the company has been
noticed or reported during the course of our audit.
For ARSK & ASSOCIATES
Chartered Accountants
Firms Registration No. 315082E
(CA. Ravindra Khandelwal)
Kolkata Partner
Date: 15th May, 2010 Membership No. 054615
Mar 31, 2009
1. We have audited the attached Balance Sheet of Sumedha Fiscal
Services Ltd., as at 31st March, 2009, the Profit and Loss Account and
also the Cash Flow Statement of the company for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. 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 from material misstatements. 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.
3. 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 sub- section (4A) of Section 227 of the Companies Act, 1 956
of India (the Act) and on the basis of such checks of the books and
records of the company as we considered appropriate and according to
the information and explanations given to us, we enclose in the
Annexure, a statement on the matters specified in paragraphs 4 and 5 of
the said Order, to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph 3
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 account as required by law have been
kept by the company, so far as appears from our examination of those
books and proper returns adequate for the purpose of our audit have
been received from the branches not visited by us. The branch auditors
report in respect of the branch audited by the branch auditor, has been
forwarded to us and has been appropriately dealt with;
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 of
the company;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 21 1 of the
Companies Act, 1 956;
e) On the basis of the written representations received from the
Directors of the company, as on 31st March, 2009 and taken on record by
the Board of Directors of the company, we report that none of the
Directors is disqualified as on 31st March, 2009 from being appointed
as a Director in terms of clause (g) of sub section (1) of section 274
of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
company as at 3131 March, 2009; ii. in the case of the Profit and Loss
Account, of the profit for the year ended on that date; and iii. in
the case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of the Auditors Report of even date to the
members of SUMEDHA FISCAL SERVICES LTD. on the financial statements
for the year ended March 31, 2009.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
c) Since there is no disposal of substantial part of fixed assets
during the year, paragraph 4(i)(c) of the Companies (Auditors Report)
Order, 2003 is not applicable.
2. a) Inventories of the company comprising of shares and property
have been physically verified by the management at reasonable intervals
during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
c) The company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. According to the information and explanation given to us and in our
opinion the company has not granted or taken any loans, secured or
unsecured from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956.
Accordingly clauses 4(iii)(b) to 4(iii)(g) of the Companies (Auditors
Report) Order, 2003 are not applicable.
4. In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of company and the nature of its business for the
purchase of inventory of shares and property and fixed assets and for
the sale of shares and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements that need to
be entered into the Register in pursuance Section 301 of Act, have been
so entered in the register maintained as per requirement of that
Section.
b) In our opinion and according to the information and explanations
given to us, each of these transactions have been made in pursuance of
such contracts or arrangements at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the companys present internal audit system is
commensurate with its size and nature of its business.
8. The provisions of the Companies Act for maintenance of cost records
under Section 209( 1 )(d) are not applicable to the company.
9. a) According to the information and explanations given to us and
the books and records examined by us, the company is regular in
depositing with the appropriate authorities the undisputed statutory
dues relating to Provident Fund, Employees State Insurance, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other material statutory dues as
applicable to it.
b) According to the information and explanations given to us and the
books and records examined by us, there are no undisputed amount
payable, in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty, Excise Duty, Cess outstanding as at 31st March, 2009 for a
period exceeding 6 months from the date they become payable.
10. The company has no accumulated losses as at 31st March, 2009 and
it has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
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.
13. The provisions of special nature applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
company.
14. In our opinion, the company is a dealer or trader in shares,
securities, debentures and other investments. The company has
maintained proper records of transaction and contracts in respect of
trading in securities, debenture and other investment and timely
entries have been made therein. The company in its own name holds the
stock of securities, debenture and other investments. The shares,
securities, debentures and other investments, which are held by the
company and also pledged to banks, are in the companys name except in
few cases of illiquid scrips lying in the name of erstwhile merged
entity.
15. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. In our opinion and according to the information and explanation
given to us, the company has applied the term loans for the purpose for
which the loans have been obtained.
1 7. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments.
18. The company has made preferential allotment of shares aggregating
Rs 3,125,000/- (including premium) during the year to parties and
companies covered in the Register maintained under Section 301 of the
Act, the terms and conditions of which are not prejudicial to the
interests of the company.
19. The company has not issued any Debenture.
20. The company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given by the
management to us, we report that no fraud on or by the company has been
noticed or reported during the course of our audit.
For ARSK& ASSOCIATES
Chartered Accountants
Ravindra Khandelwal
Place : Kolkata Partner
Date : June 26, 2009 Membership No. 054615