Mar 31, 2015
We have audited the accompanying financial statements of Tokyo Finance
Limited ('the Company'), 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 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 misstatements
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 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, of the state of affairs of the Company as
at 31 March 2015 and its profits 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 section
143 (11) 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 taken on record by the Board of
Directors, none of the directors are disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:-
(i) The Company does not have any pending litigations which would
impact its financial position
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) The Company is a non banking finance company does not maintain any
inventory. Accordingly, the provisions of Clause 3 (ii) of the Order
are not applicable to the Company.
(iii) The Company has granted unsecured Loans, to companies, firms or
other parties covered in the register maintained under Section 189 of
the Act.
(a) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principal amount.
(b) Since there is no stipulations made regarding receipt of principal
amount, the question of there being an overdue amount of more than Rs
one lakh does not arise. However based on the information available to
us, we are unable to comment on any reasonable steps taken by the
company for recovery of interest.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of Inventories and fixed assets and sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) The Company has not accepted any deposits from the public.
(vi) According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
sub-section (1) of Section 148 of the Companies Act, 2013 for the
Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, duty of Customs, Value Added Tax, Cess and other
material statutory dues 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 Provident Fund, Income Tax,
Sales Tax, Wealth Tax, Service Tax, duty of Customs, Value Added 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 is
no amounts payable in respect of Income Tax, Wealth Tax, Service Tax,
Sales Tax, Customs duty and Excise duty which have not been deposited
on account of any disputes
(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.
(viii) The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders during the year.
(x) 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.
(xi) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the company during the
year for the purpose for which they were obtained.
(xii) 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 Swamy & Chhabra
Chartered Accountants
FRN: 113036W
Pavan Kumar Chhabra
Partner
Membership Number: 085553
Navi Mumbai, 30 May, 2015
Mar 31, 2014
Report on the Financial Statements : We have audited the accompanying
financial statements of Tokyo Finance Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2014, the Statement of
Profit and Loss and the Cash Flow Statement for the year ended as on
that date, 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 13 th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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.
Auditors'' 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 accompanying 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 loss 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
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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated 13
th September, 2013 of the Ministry of Corpo rate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India.
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 dis qualified 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.
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
requirements'' Section of our report of even date)
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 its fixed
assets.
(b) As explained to us, fixed assets have been physically verified
during the year by the management. According to Information &
Explanation given to us, no material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed off
during the year.
2. The Company is a non banking finance company does not maintain any
inventory. Therefore, the provisions of clause 4(ii) of the order are
not applicable to the Company.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted unsecured loan to one party listed in the register
maintained under Section 301 of the Companies Act, 1956. The loan is in
the nature of running accounts, the maximum balance outstanding during
the year and the year end balance was Rs. 1,065.54 lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the company. However there are no
covenants in regards to other terms and condition of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principle amount.
(d) Since there is no stipulations made regarding receipt of principal
amount, the question of there being an overdue amount of more than Rs
one lakh does not arise. However based on the information available to
us, we are unable to comment on any reasonable steps taken by the
company for recovery of interest.
(e) The company has taken unsecured loan from one party covered in the
register maintained under Section 301 of the Companies Act, 1956 the
maximum amount outstanding during the year was Rs. 1,010.90 lakhs and
year end balance was Rs. 996.97 lakhs.
(f) The rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulation have been made
regarding the repayment.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the fixed assets and payment for expenses & for sale of
services. During the course of our audit, no major instance of
continuing failure to correct any weak nesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act which are in excess of Rs. 5.00 Lakhs have been made at
a price which are reasonable having regard to the relevant market
prices.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales- tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and
anyother statutory dues have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2014 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, the Company has not taken any
loans from financial institutions, banks and debenture holders.
Therefore, the provisions of Clause 4(xi) of the order are not
applicable to the company.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of Clause 4(xii) of the order are not applicable to the
company.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the order
are not applicable to the company.
14. During the period, the company did not deal or trade in shares,
securities, debenture and other investment. Therefore, the provisions
of Clause 4(xiv) of the order are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution. Therefore, the provisions of Clause
4(xv) of the order are not applicable to the company.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year. Therefore, the provisions of Clause 4(xvi) of the
order are not applicable to the company.
17. B ased on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company. Therefore, the
provisions of Clause 4(xvii) of the order are not applicable to the
company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year .
Therefore, the provisions of Clause 4(xviii) of the order are not
applicable to the company.
19. The Company has no outstanding debentures during the period under
audit. Therefore, the provisions of Clause 4(xix) of the order are not
applicable to the company.
20. The Company has not raised any money by public issue during the
year. Therefore, the provisions of Clause 4(xx) of the order are not
applicable to the company.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management
For Swamy & Chhabra
Chartered Accountants
FRN: 113036W
Pavan Chhabra
Place: Mumbai Partner
Date: 29th May, 2014 Membership No. : 085553
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Tokyo Finance
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, the Statement of Profit and Loss and the Cash Flow Statement
for the year ended as on that date, 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 referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") and in
accordance with accounting principles generally accepted in India. 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.
Auditors'' 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 accompanying 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 loss 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
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 Balance Sheet, the Statement of Profit and
Loss, and the 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.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
requirements'' Section of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and expla- nation 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 its fixed
assets.
(b) As explained to us, fixed assets have been physically verified
during the year by the man agement. According to Information &
Explanation given to us, no material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed off
during the year.
2. The Company is a non banking finance company does not maintain any
inventory. Therefore, the provisions of clause 4(ii) of the order are
not applicable to the Company.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has granted unsecured loan to one party listed in the register
maintained under Section 301 of the Companies Act, 1956. The loan is in
the nature of running accounts, the maximum balance outstanding during
the year and the year balance was Rs.910.50 lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the company. However there are no
covenants in regards to other terms and condition of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principle amount.
(d) Since there is no stipulations made regarding receipt of principal
amount, the question of there being an overdue amount of more than
Rs.One Lakh does not arise. However based on the information available
to us, we are unable to comment on any reasonable steps taken by the
company for recovery of interest.
(e) The company has taken unsecured loan from one party covered in the
register maintained under Section 301 of the Companies Act, 1956 the
maximum amount outstanding during the year and year end balance was Rs.
917.50 lakhs.
(f) The rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulation have been made
regarding the repayment.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the fixed assets and payment for expenses & for sale of
services. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be main tained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act which are in excess of Rs. 5.00 Lakhs have been made at
a price which are reasonable having regard to the relevant market
prices.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, the Company has not taken any
loans from financial institutions, banks and debenture holders.
Therefore, the provisions of Clause 4(xi) of the order are not
applicable to the company.
12 According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of Clause 4(xii) of the order are not applicable to the
company
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society Therefore, the provisions of Clause 4(xiii) of the order
are not applicable to the company.
14. During the period, the company did not deal or trade in shares,
securities, debenture and other investment. Therefore, the provisions
of Clause 4(xiv) of the order are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution. Therefore, the provisions of Clause
4(xv) of the order are not applicable to the company.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year. Therefore, the provisions of Clause 4(xvi) of the
order are not applicable to the company.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company. Therefore, the
provisions of Clause 4(xvii) of the order are not applicable to the
company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
Therefore, the provisions of Clause 4(xviii) of the order are not
applicable to the company.
19. The Company has no outstanding debentures during the period under
audit. Therefore, the provisions of Clause 4(xix) of the order are not
applicable to the company.
20. The Company has not raised any money by public issue during the
year. Therefore, the provisions of Clause 4(xx) of the order are not
applicable to the company.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Swamy & Chhabra
Chartered Accountants
FRN: 113036W
Pavan Chhabra
Place: Mumbai Partner
Date: 30th May, 2013 Membership No. : 085553
Mar 31, 2012
We have audited the attached Balance Sheet of Tokyo Finance Limited, as
at 31 st March 2012, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require mat 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.
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 Section 227 (4A)
of the Companies Act, 1956, and on the basis of such checks 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.
2. Further to our comments in the annexure referred to in paragraph
(1) 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 such
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 Balance Sheet, the Statement of Profit and Loss
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, 195 6 to the extent they are applicable to the
Company;
e. On the basis of the written representations received from the
Directors as on 31 st March 2012,and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
March 31,2012 from being appointed as a Director in terms of section
274(l)(g) of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Act and give a true and fair view in
conformity with the accounting principles generally accepted in India:
L in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2012;
n. in the case of the Statement of Profit and Loss, the profit for the
year ended on March 31,2012 and
iii in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
As required by the Companies (Auditor's Report) Order, 2003 ('the
Order') issued by the Central Government of India in terms of Section
227 (4 A) of the Companies Act, 1956 we further report on the matter
specified in paragraphs 4 and 5 of the said order that:
(i) (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, these Fixed Assets have been physically
verified by the Management once during the year and no material
discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us, we are
of opinion that there was no substantial disposal of Fixed Assets
during the year.
(n) The Company is a non-banking finance company and does not hold any
inventories. Accordingly, the provisions of clause 4(h) of the Order
are not applicable to the company.
(ni) (a) The Company has granted unsecured loans to one party listed in
the register maintained under section 301 of the Companies Act, 1956.
The loan is in nature of running accounts and the year end and the
maximum balance due amounts to Rs. 833.32 lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the company. However there are no
covenants in regards to other terms and conditions of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principal amount.
(d) Since there is no stipulation made regarding receipt of principal
amount, the question of there being an overdue amount of more than one
lakh does not arise. However based on the information available to us,
we are unable to comment on any reasonable steps taken by the company
for recovery of interest.
(e) The Company has taken unsecured loan from one party listed in the
register maintained under section 301 of the Companies Act, 1956 and
the year-end and the maximum amount involved during the year Rs. 863.58
lakhs.
(f) The rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulations have been made
regarding repayment.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business for the purchase of fixed assets and providing services.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
(v) (a) According to the information and explanations given to us, we
are of the opinion that 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) According to information and explanations given to us, in our
opinion there are no transactions made in pursuance of contracts or
arrangements that under section 301 that exceed the value of rupees
five lakhs in respect of current financial year.
(vi) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public within
the meaning of Section 58 A and 58AA or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted from the public.
Therefore the provisions of clause 4(vi) of the Order are not
applicable to the company.
(vii) In our opinion, the Company has internal audit system
commensurate with the size of the company and the nature of its
business.
(viii) According to information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209 (1) (d) of the Companies Act, 1956 in respect of activities
carried out by the company. Therefore provisions of clause 4(viii) of
the Order are not applicable to the company.
(ix) (a) During the year company has not made deduction in respect of
Provident Fund, & Employees' State Insurance of its Employees. The
Company has been generally regular in depositing the undisputed
statutory dues including Investor Education and Protection Fund,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs duty, Excise
duty, Cess and other material statutory dues have been generally
regularly deposited during the year by the Company with the appropriate
authorities payable to appropriate authorities and those are not
outstanding as at March 31,2012, for a period of more than six months
from the date they became payable.
(b) According to the information and explanation given to us, mere is
no disputed amounts payable in respect of Sales Tax, Income Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty, Cess on account of any
dispute as on March 31,2012.
(x) The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our
audit, and in the immediately preceding financial year
(xi) The Company has not taken any loans from financial institutions
and banks during the current financial year. Therefore, the provisions
of clause 4(xi) of the Order are not applicable to the company.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares or debentures or any other securities.
(xiii) The provisions of any special statute applicable to chit funds,
nidhi or mutual benefit society, do not apply to the Company.
Therefore, the provisions of clause 4(xiii) of the Order are not
applicable to the company.
(xiv) In our opinion, during the year, the Company is not dealing or
trading in shares, securities, debentures and other investments.
Accordingly provisions of clause 4(xiv) of the Order are not applicable
to the company.
(xv) 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.
(xvi) The Company has not taken any Term loans during the current
financial year. Therefore, the provisions of clause 4(xvi) of the Order
are not applicable to the company.
(xvii) Based on the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, in our
opinion, there are no funds raised on a short term basis have been used
for long term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
(xix) The Company has not issued any debentures during the year.
Therefore, the provisions of clause 4(xix) of the Order are not
applicable to the company.
(xx) The Company has not raised any monies by way of public issue
during the year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Swamy & Chhabra
Chartered Accountants
Firms Registration No: 113036W
Anand Ramanath V.
Place: Mumbai Partner
Date : 30th May, 2012 Membership No.: 225909
Mar 31, 2010
1. We have audited the attached Balance Sheet of Tokyo Finance
Limited, as at 31st March 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
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 such
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 & 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 as on 31st March 2010, and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
March 31, 2010 from being appointed as a Director in terms of section
274(1) (g) of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Act 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 March 31, 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 AUDITORS REPORT
Referred to in Paragraph 1 of our Report of even date.
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us these Fixed Assets have been physically verified
by the Management once during the year and no serious discrepancies
have been noticed on such verification.
(c) None of the fixed assets have been disposed off during the year.
2. The Provisions relating to inventory are not applicable since the
Company is a Finance Company.
3. (a) The Company has not granted unsecured loans to any party listed
in the register maintained under section 301 of the companies Act,
1956, during the year, however there is repayment of loan from one
party amounting to Rs.(2.8) lakhs, the outstanding balance at the
beginning of the year was Rs 661.29 lakhs. The maximum outstanding
balance of this loan during the year is Rs 695.14 lakhs. This loan is
in the nature of running accounts and the balance outstanding at the
year end is also Rs.658.50 lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the Company. However there are no
covenants in regards to other terms and conditions of such loans.
(c) In respect of loans given by the company, no stipulations have been
made regarding repayment of the principal amount. Further, we are
unable to distinguish whether the payments have been received towards
the principal amount or the interest amount.
(d) Since there is no stipulation made regarding repayment of principal
amount, the question of there being an overdue amount of more than one
lakh does not arise. However based on the information available to us,
we are unable to comment on any reasonable steps taken by the company
for recovery of interest.
(e) The Company has taken an unsecured loan from one party listed in
the register maintained under section 301 of the Companies Act,1956
amounting to Rs.66.07 lakhs the outstanding balance of which at the
beginning of the year was Rs 453.83 lakhs. The maximum outstanding
balance of this loan during the year is Rs 593.69 lakhs. The balance
outstanding at the year end is Rs.519.90lakhs.
(f) The rate of interest of such loans taken is prima facie not
prejudicial to the interest of the Company. However there are no
covenants in regards to other terms and conditions of such loans.
(g) In respect of loans taken by the company, no stipulations have been
made regarding repayment of the principal amount. Further, we are
unable to distinguish whether payment has been made towards the
principal amount of interest amount.
4. In our opinion, the company has an adequate internal control system
commensurate with the size of the company and the nature of its
business for the purchase of fixed assets and providing of services.
However the Company does not have any transactions of purchase of
inventory and sale of goods.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that 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 the information and explanation
given to us , the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public during
the year within the meaning of section 58A and 58AA of Companies Act,
1956 or any other relevant provisions of the Act and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public.
7. The Company does not have a separate internal audit system.
8. The Central Government has not prescribed the maintenance of the
cost records under section 209(1) (d) of the Companies Act, 1956.
9. (a) During the year, the Company has not made any deductions in
respect of the Provident Fund and Employees State Insurance of its
employees. The company has also been regular in depositing undisputed
Statutory dues including Income Tax, wealth Tax, Sales Tax, Customs
duty, Excise Duty, Service Tax, Cess and any other material statutory
dues applicable to it and there is no amount outstanding as at March
31, 2010, for a period of more than six months from the date they
became payable
(b) According to the records of the company, there are no dues
outstanding of sales tax, income tax, wealth tax, service tax, customs
duty, excise duty, cess on account of any dispute as on March 31, 2010.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit, and in the
immediately preceding financial year.
11. The Company has not taken any loans from financial institutions or
banks or debenture holders.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit funds,
nidhi or mutual benefit society does not apply to the Company.
14. During the year the Company has not dealt with or traded in
shares, securities, debentures and other investments.
15. 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.
16. The Company has not taken any term loan during the year.
17. According to the information and explanations given to us and
based on an overall examination of the Balance Sheet and Cash Flow
Statement of the Company, in our opinion there are 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 or companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For SWAMY & CHHABRA
Chartered Accountants
C. AYYASWAMY
Partner
Mumbai, Dated: 31st May 2010. Membership No: 21754
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