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Auditor Report of Toyam Sports Ltd.
Mar 31, 2025
Toyam Sports Limited (Formally known as Toyam Industries Limited)
Report on the Audit of the Standalone Financial Statements
Qualified Opinion
We have audited the accompanying standalone financial statements of Toyam Sports Limited (Formally known as Toyam Industries Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the explanations given to us, except for the matters mentioned in the basis for qualified opinion paragraph, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, the profits and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Qualified Opinion
a) In accordance with the requirements of Indian Accounting Standard (Ind AS 109) ''Financial Instruments'', the Company
has not provided for impairment of its financial assets using the expected credit loss (''ECL'') approach which involves an estimation of the probability of loss on the financial assets over their life, considering reasonable and supportable information about past events, current conditions and forecasts of future economic conditions which could impact the credit quality of the Company''s loans and advances. Since the activities of the Company under finance have been considerable (over 50% of the funds) and the management has not provided nor assessed the Financial Assets, we cannot give our opinion on the potential future impact, due to unrecognized impairment and quantification. Hence, we are unable to assess and quantify effect of aforesaid transactions on financial results.
b) The Company has not carried out impairment analysis of loans and advances given to various Companies (except for
the loans for which provision has already been made) as required by Indian Accounting Standard (Ind AS 36) ''Impairment of Assets'' though there is an indication of impairment. We are unable to express our opinion on the materiality of the impairment, recoverability of amount and its impact on financial statements.
c) According to the information and explanation given to us, during the previous year ended March 31, 2024 and during
the quarter and year ended March 31, 2025, financial assets of the Company exceeds 50 per cent of its total assets and income from financial assets exceeds 50 per cent of the total revenue of the Company and consequently the Company is required to comply with Section 45-IA and other applicable provisions of the Companies Act Sec 186 and The Reserve Bank of India Act, 1934 (the RBI Act). However, information with respect to aforesaid compliances has not provided to us and hence we are unable to comment upon financial and legal implication thereof, which would be deemed applicable.
d) During the quarter the Company has received notices from Securities Exchange Board of India (SEBI). Pending
completion of investigation by SEBI, the consequent impact on the financials results for the quarter and year ended March 31, 2025, if any is currently not ascertainable and the impact SEBI disclosure of shareholding, where ED now has also frozen some Shares. The management has not shared any information whether any there any other ongoing proceedings other than SEBI proceedings in view of the freezing of Shares and, we are unable to express our opinion on the potential impact of these on the Company.
e) The Company has not deliberated on the economic benefits that are realizable in the Merchandizing Agreements
entered by the Company. In case the Company may not realize the economic befits it had contracted for over the next 12 months and we are unable to express any opinion.
f) Company has not complied with the statutory liabilities such as Professional tax and TDS. However, information with
respect to aforesaid compliances has not provided to us and hence we are unable to comment upon financial and legal implication thereof, which would be deemed applicable.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the '' Auditor''s Responsibilities for the Audit of the Financial Statements'' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Emphasis of Matter
a) During the quarter ended December 31, 2024, 2,161 lakhs share warrants have been lapsed on account of not payment of
outstanding amount by the respective share warrant holders.
b) The resignation of the Chief Compliance Officer and Company Secretary on March 4, 2025.
Our opinion is not qualified in respect of the above matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
Loans & Advances -Description of Key Audit Matter:
There is an inherent risk around the Loans given by the Company including high degree of complexity and judgement involved for the Company in the estimating individual and collective credit impairment provisions and write-off against these loans given by the Company. The Company''s impairment provision for receivables from financing business is based on the expected credit loss approach laid down under Indian Accounting Standard (Ind AS 109) ''Financial Instruments''. Under this approach, the management has been required to exercise judgment in areas viz.
- Calculation of historical default rates
- Estimates and external factors to arrive at probability of future defaults and
- Significant assumption regarding probability of various scenarios, credit policy and discounting rates for different industries considering individual borrower profile.
In view of the high degree of estimation involved in the process of calculation impairment provision and considering its significance to the overall Ind AS financial statement whereby any error/ omission in estimation may give rise to a material misstatement of Ind AS financial statements, it is considered as Key Audit Matter.
Auditor''s response:
Our Audit Procedures included considering appropriateness of the Company''s accounting policies for impairment of financial assets and assessing compliance with IND AS 109.
For loans which are assessed for impairment on a portfolio basis we performed particularly the following procedures:
⢠Obtained an understanding of the systems, process and controls implemented by the management for recording Loans and computing interest thereon.
⢠We understood the methodology and policy laid down for loans given by the company.
⢠We have reviewed the existence of recovery process in the event of default.
⢠On selected specific/ statistical samples of Loans, we tested that the revenue recognized is in accordance with the revenue recognition accounting standard.
⢠We have verified and reviewed the historical trends of repayment of principal amount of loan and repayment of interest.
⢠We tested the reliability of the key data inputs and related management controls
⢠We have assessed the assumptions made by the Company in making provision considering forward looking information and business estimates
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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.
In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and except for the matter described in the Basis for Qualified Opinion paragraph, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph above and for the matter stated in the paragraph 2i(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.
d) Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) The matter described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.
f) On the basis of the written representations received from the directors as on March 31, 2025 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.
g) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in basis for qualified opinion paragraph and paragraph ''2.(b)'' above on reporting under Section 143(3)(b) of the Act and in paragraph ''2.(i)(vi)'' below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
i) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
j) 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, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigation on its financial position as at March 31, 2025.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2025.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared any dividend during the year.
vi. Based on our examination which included test checks, the company has not used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility. The software was not enabled at the database level to log any direct data changes for the accounting software used.
Mar 31, 2024
To the Members of Toyam Sports Limited (Formally known as Toyam Industries Limited)
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Toyam Sports Limited (Formally known as Toyam Industries Limited) ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").
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 Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profits and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Financial Statements'' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Emphasis of Matter
1. In accordance with the requirements of Indian Accounting Standard (Ind AS 109) ''Financial Instruments'', the Company has not provided for impairment of its financial assets using the expected credit loss (''ECL'') approach which involves an estimation of the probability of loss on the financial assets over their life, considering reasonable and supportable information about past events, current conditions and forecasts of future economic conditions which could impact the credit quality of the Company''s loans and advances. Hence, we are unable to assess and quantify effect of aforesaid transactions on financial statement.
2. Balances of loans and advances are subject to confirmations, reconciliations, and subsequent adjustments.
Our opinion is not qualified in respect of the above matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
Loans & Advances -
Description of Key Audit Matter:
There is an inherent risk around the Loans given by the Company including high degree of complexity and judgement involved for the Company in the estimating individual and collective credit impairment provisions and write-off against these loans given by the Company. The Company''s impairment provision for receivables from financing business is based on the expected credit loss approach laid down under Indian Accounting Standard (Ind AS 109) ''Financial Instruments''. Under this approach, the management has been required to exercise judgment in areas viz.
- Calculation of historical default rates
- Estimates and external factors to arrive at probability of future defaults and
- Significant assumption regarding probability of various scenarios, credit policy and discounting rates for different industries considering individual borrower profile.
In view of the high degree of estimation involved in the process of calculation impairment provision and considering its significance to the overall Ind AS financial statement whereby any error/ omission in estimation may give rise to a material misstatement of Ind AS financial statements, it is considered as Key Audit Matter.
Auditor''s response:
Our Audit Procedures included considering appropriateness of the Company''s accounting policies for impairment of financial assets and assessing compliance with IND AS 109.
For loans which are assessed for impairment on a portfolio basis we performed particularly the following procedures:
⢠Obtained an understanding of the systems, process and controls implemented by the management for recording Loans and computing interest thereon.
⢠We understood the methodology and policy laid down for loans given by the company.
⢠We have reviewed the existence of recovery process in the event of default.
⢠On selected specific/ statistical samples of Loans, we tested that the revenue recognized is in accordance with the revenue recognition accounting standard.
⢠We have verified and reviewed the historical trends of repayment of principal amount of loan and repayment of interest.
⢠We tested the reliability of the key data inputs and related management controls
⢠We have assessed the assumptions made by the Company in making provision considering forward looking information and business estimates
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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.
In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government in
terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and except for the matter described in the Basis for Qualified Opinion paragraph, 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2024 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its director during the year is in accordance with the provisions of section 197 of the Act.
h) 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, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigation on its financial position as at March 31, 2024 -Refer note 35 of the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2024.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub -clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared any dividend during the year.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that it was not enabled at the database level to log any direct data changes for the accounting software used. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.
Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
For Manoj Vatsal & Co.
Chartered Accountants
Firm Registration Number: 010155C
Mith Jain
Partner
Membership No. 181081
Place: Mumbai
Date: June 11, 2024
ICAI UDIN: 24181081BKCTRH1683
Mar 31, 2023
Opinion
We have audited the accompanying standalone financial statements of Toyam Sports Limited (Formerly
known as Toyam Industries Limited) ("the Company"), which comprise the Balance Sheet as at March 31,
2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as the "standalone financial
statements").
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 Companies Act, 2013 ("the Act") in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2023, the profits and total comprehensive income, changes in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further
described in the ''Auditor''s Responsibilities for the Audit of the Financial Statements'' section of our report. We
are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the financial statements.
Emphasis of Matter
1. In accordance with the requirements of Indian Accounting Standard (Ind AS 109) ''Financial
Instruments'', the Company has not provided for impairment of its financial assets using the expected
credit loss (''ECL'') approach which involves an estimation of the probability of loss on the financial
assets over their life, considering reasonable and supportable information about past events, current
conditions and forecasts of future economic conditions which could impact the credit quality of the
Company''s loans and advances. Hence, we are unable to assess and quantify effect of aforesaid
transactions on financial statement.
2. Balances of loans and advances are subject to confirmations, reconciliations, and subsequent
adjustments.
Our opinion is not qualified in respect of the above matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the standalone financial statements of the current period. These matters were addressed in the context of
our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have determined the matters described below to be the
key audit matters to be communicated in our report.
Loans & Advances -
Description of Key Audit Matter:
There is an inherent risk around the Loans given by the Company including high degree of complexity and
judgement involved for the Company in the estimating individual and collective credit impairment provisions
and write-off against these loans given by the Company. The Company''s impairment provision for receivables
from financing business is based on the expected credit loss approach laid down under Indian Accounting
Standard (Ind AS 109) ''Financial Instruments''. Under this approach, the management has been required to
exercise judgment in areas viz.
- Calculation of historical default rates
- Estimates and external factors to arrive at probability of future defaults and
- Significant assumption regarding probability of various scenarios, credit policy and discounting rates for
different industries considering individual borrower profile.
In view of the high degree of estimation involved in the process of calculation impairment provision and
considering its significance to the overall Ind AS financial statement whereby any error/ omission in
estimation may give rise to a material misstatement of Ind AS financial statements, it is considered as Key
Audit Matter.
Auditor''s response:
Our Audit Procedures included considering appropriateness of the Company''s accounting policies for
impairment of financial assets and assessing compliance with IND AS 109.
For loans which are assessed for impairment on a portfolio basis we performed particularly the following
procedures:
⢠Obtained an understanding of the systems, process and controls implemented by the management for
recording Loans and computing interest thereon.
⢠We understood the methodology and policy laid down for loans given by the company.
⢠We have reviewed the existence of recovery process in the event of default.
⢠On selected specific/ statistical samples of Loans, we tested that the revenue recognized is in
accordance with the revenue recognition accounting standard.
⢠We have verified and reviewed the historical trends of repayment of principal amount of loan and
repayment of interest.
⢠We tested the reliability of the key data inputs and related management controls
⢠We have assessed the assumptions made by the Company in making provision considering forward
looking information and business estimates
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and
Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
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 Act with
respect to the preparation of these financial statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity and cash flows of the Company in
accordance with the Ind AS and other accounting principles generally accepted in India. 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.
In preparing the financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and except for the matter described in the Basis for Qualified Opinion paragraph,
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 including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in
agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under
Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2023 and taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from
being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its director during the year is in accordance with the provisions
of section 197 of the Act.
h) 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, as amended in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigation on its financial position as at March
31, 2023 - Refer note 35 of the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended March 31, 2023.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person or entity, including foreign entity ("Intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from
any person or entity, including foreign entity ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries;
Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
v. The Company has not declared any dividend during the year.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility is
applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year
ended March 31, 2023
For Manoj Vatsal & Co.
Chartered Accountants
Firm Registration Number: 010155C
Mith Jain
Partner
Membership No. 181081
Place: Mumbai
Date: May 30, 2023
ICAI UDIN: 23181081BGVQDM4902
Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of Toyam Industries Limited (âthe Companyâ), which comprise the balance sheet as at 31st March 2018, the statement of profit and loss (including other comprehensive income), the statement of cash flows and the statement of changes in equity for the year then ended 31st March 2018 and a summary of the significant accounting policies and other explanatory information (herein after referred to as âStandalone financial statementsâ).
Management''s Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued there under.
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 Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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 Standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amount sand the disclosures in the Standalone financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Standalone financial statements that give at true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Standalone financial statements.
We are also responsible to conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditorâs report to the related disclosures in the Standalone financial statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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 including the Ind AS, of the state of the affairs of the Company as at 31 st March 2018, 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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.
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, the statement of cash flows and the statement of changes in equity 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 relevant rule issued thereunder;
e) On the basis of the written representations received from the directors as on 31st March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g) With respect to the other matters to be included in the Auditorâs 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 has disclosed the impact of pending litigations on its financial position in its Standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any foreseeable losses; and
iii. There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company.
iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made since they do not pertain to the financial year ended 31 March 2018.
The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended March 31st, 2018, 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 program of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of one years. In accordance with this program, 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.
(c) There are no immovable properties held by the Company.
ii. (a) There are no inventories held by the Company.
iii. (a) The Company has granted loans to one party covered in the register maintained under section 189 of the Companies Act,2013 (âthe Actâ),
(b)In the case of the loans granted to any parties in the register maintained under section 189 of the act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3 (ii) (b) of the order is not applicable to the company in respect of payment of the principal amount.
(c) There are no overdue amounts for period of more than ninety days in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the act.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with provision of section 185 and 186 of Act, with respect to the loan and investment made.
v. The Company has not accepted any deposits during the year within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.
vi. The Central Government has not prescribed the maintenance of cost records under section148 (1) of the Act, for any of the services rendered by the Company.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the records, the Company is regular in depositing undisputed statutory dues including provident fund, income tax, service tax, cess and other material statutory dues with the appropriate authorities. As explained to us, the Company did not have any dues on account of sales tax, wealth tax, duty of customs, value added tax, employees'' state insurance and duty of excise.
(b) According to the information and explanation given to us, there is no dispute pending in respect of dues of provident fund/sales tax/wealth tax/service tax/custom duty/excise duty/cess/value added tax, were in arrears as at 31st march, 2018 for a period of more than six month from the date they became payable. According to the records of the Company, income-tax.
|
Name of the Statute |
Nature of dues |
Amount (Rs in lakhs) |
Period to which it relates |
Form where the Dispute is pending |
|
Income Tax Act, 1961 |
Income tax dues |
42,070 |
A.Y. 2010-11 |
Assessing Officer |
viii. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
x. Based upon the audit procedure performed for purpose of reporting the true and fair view of the Financial Statements and 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.
xi. According to the information and explanations given to us and based on our examination of the record of the Company, managerial remuneration has been paid/provided in accordance with the requisite approvals.
xii. In our opinion and according to the information and explanations given to us, the company is not Nidhi Company. Accordingly paragraph 3(xii) of Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Standalone financial statements as required by the applicable accounting standards.
xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
xv. According to the information and explanations given to us and based on our examination of the record of the Company, the company has not entered into any non-cash transactions with directors or persons connected with him.
xvi. According to the information and explanations given to us, the provisions of the section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the company.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Toyam Industries Limited (''the Company'') as of 31st March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India (the âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at march 31,2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the guidance note on audit of internal financial control over financial reporting issued by the Institute of Chartered Accountant of India.
FOR R SONI & COMPANY
Chartered Accountants
Firmâs registration number: 130349W
Sd/-
RAJESH SONI
Partner
Membership No.133240
Place: Mumbai
Date: 30/05/2018
Mar 31, 2016
INDEPENDENT AUDITORS REPORT
To,
The Members of,
OJAS ASSETS RECONSTRUCTION COMPANY LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of OJAS ASSETS RECONSTRUCTION COMPANY LIMITED (âthe companyâ), which comprises Balance Sheet as at 31st Mar 2016, the Statement of Profit and Loss account and cash flow statement for the year then ended, and a Summary of significant accounting poli cies and other explanatory information.
Managementâs Responsibility for the Financial Statements
1. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to 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 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 provision of the Act for safeguarding of 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 materials misstatement, whether due to fraud or error.
Auditorâs Responsibility
2. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provision 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 procedure selected depends on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal financial control relevant to the Companyâs 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 and the operating effectiveness of such control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs 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
3. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31-Mar-2016, and its loss and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 2016 (the Order) issued by the Central Government in terms of Section 143 (11) of the Act, we enclosed in the annexure a statement on matters specified in paragraph 3 & 4 of the said order.
4. 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 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 it appears from our examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the 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) In our opinion there are no observations or comments on the financial transactions, which may have an adverse effect on the functioning of the Company.
f) On the basis of the written representations received from the directors as on 31st Mar 2016 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st Mar 2016 from being appointed as a directors in terms of section 164(2) of the Act.
g) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of section 143 of the companies Act, 2013 (âthe Actâ)- is enclosed an annexure to this report.
h) With respect to the other matters to be included in the Auditorâs 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. As informed to us 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Referred to in Paragraph 1 under the heading of âReport on other Legal and Regulatory Requirementsâ of our report of even date
On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that: -
i.
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 by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c. The title deeds of immovable properties, if any, are held in the name of the company.
ii. As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
iii. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), (b) and (c) of the order are not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us, company has complied with the provision of section 185 and 186 of the Companies Act, 2013 In respect of loans, investment, guarantees, and security.
v. The company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provision of sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules,2015 with regards to the deposits accepted from the public are not applicable.
vi. As per information & explanation given by the management, maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148of the Companies Act, 2013.
vii.
a. According to information and explanations given to us and on basis of our examination of the books of account, and records, the company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2016 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 amount payable in respect of income tax, service tax, sales tax, customs duty, excise duty, value added tax and cess whichever applicable, which have not been deposited on account of any disputes.
viii. In our opinion and according to the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution or bank. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
ix. Based on our audit procedures and according to the information given by the management, the company has not raised any money by way of initial public offer or further public offer (including debt instruments) or taken any term loan during the year.
x. According to the information and explanations given to us, we report that no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. According to the information and explanations given to us, we report that managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
xii. The company is not a Nidhi Company. Therefore clause xii) of the order is not applicable to the company.
xiii. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.
xiv. Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
xv. Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or person connected with him. Accordingly, the provision of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
xvi. In our opinion, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. And accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of OJAS ASSET RECONTRUCTION COMPANY LIMITED (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system m over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weaken ss exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
4. Inherent Limitations of Internal Financial Controls Over Financial Reporting
5. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For DMKH & CO.
CHARTED ACCOUNTANTS
FRN 0116886W
Sd/-
CA. Manish Kankani
Partner
M.No.158020
Place: Mumbai
Date: 30th May, 2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Ojas Asset Reconstruction Co Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2015, 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 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 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 principal
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 the
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 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
thereunder. We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements. 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 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 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.
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 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 March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Emphasis of Matter
As referred in note no 29 to the financial statement, the company have
not complied with section 134 (1) and section 203 of Companies Act,
2013. Our opinion is not qualified in respect of this matter.
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 March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
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 material 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 INDEPENDENT AUDITORS' REPORT
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory
Requirements" of our report of even date
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that: -
i. a) The Company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) We have been informed that the fixed assets of the Company have been
physically verified by the management during the year and no material
discrepancies have been noticed on such verification. In our opinion,
this periodicity of physical verification is reasonable having regards
to the size of the company and the nature of its assets.
ii. a) As explained to us, inventories (shares in Demat form) have been
physically verified by the management during the year. In our opinion,
the frequency of verification is reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of Inventories
referred to in 2(a) above followed by the management, are reasonable
and adequate in relation to the size of the Company and the nature of
its business.
c) In our opinion and according to the information and explanation
given to us, the company has maintained proper records of inventories.
As per the information and explanation provided to us and having regard
to the size of the company, no material discrepancies were noticed on
physical verification of inventory as compared to book records.
iii. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to or from
companies, firms or other parties covered in the register required to
be maintained under Section 189 of the Act. Accordingly, Paragraph 3
(iii) of the Order is not applicable.
iv. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with
regards to the purchase of inventory (shares), fabrics, fixed assets
and sale of goods and services. During the course of our audit, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
v. The Company has not accepted any Deposits from any party, therefore
following provisions of Companies Act Sec 73 to 76 and rules made there
under and permission of Reserve Bank of India, the question does not
arise.
vi. The maintenance of cost records is not prescribed for the company
by the central government under sub-section (1) of sec 148 of the
Companies Act, 2013. Therefore the company has not maintained any cost
records during the year.
vii. a)According to the information and explanation given to us and the
records of the company examined by us, in our opinion, the company is
regular in depositing the undisputed statutory dues including provident
fund, employees' state insurance, income tax, sales-tax, wealth tax,
service tax, Duty of custom, duty of excise, value added tax and other
and other material statutory dues, as applicable, with the appropriate
authorities
b) According to the information and explanation given to us, no
undisputed amount payable in respect of income tax, sales-tax, wealth
tax, service tax, Duty of custom, duty of excise, value added tax and
cess were in arrears, as at 31st March,2015 for a period of more than
six months from the date they became payable.
c) The amounts required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under have been transferred to
such fund within time.
viii. The Company has accumulated loss, and has incurred cash loss
during the financial year covered by our audit to the tune of Rs.
900,202/-
ix. According to the records of the company examined by us and the
information and explanation given to us, The Company has not taken any
loan form financial institution, bank or debenture holders. Therefore,
the provision of clause 3(ix) of the said order is not applicable to
the company.
x. In our opinion, and According to the information and explanation
given to us, the company has not given any guarantee for others for
loans taken by them from banks and financial institutions during the
year. Therefore, the provision of clause 3(x) of the said order is not
applicable to the company.
xi. There are no term loans taken by the company, therefore this
clause is not applicable.
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 audit.
For DMKH & Co.
(Chartered Accountants)
Firm's Registration No.: 116886W
Sd/-
Manish Kankani
(Partner)
M.No. 158020
Date: 29/05/2015
Place: Mumbai
Mar 31, 2014
We have audited the accompanying financial statements Ojas Asset
Reconstruction Company Ltd. ('the Company'), which comprises the
Balance Sheet as at 31st March. 2014, the Statement of Profit and Loss
and the cash flow statement for the year then ended and a summary of
the 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") read with
General Circular No 15/2013 dated 15th 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.
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 the
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 the 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 apropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and © 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 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 rom our examination of
those books.
(c) The Balance Sheet. Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss
Statement comply with the Accounting Standards referred to In
sub-section (3C) of section 211 of the Act re3d with General Circular
No 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 the written representations received from the
directors as on 31st March. 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act
ANNEXURE TO THE AUDITORS REPORT
The annexure referred to in our report to the members of the OJAS ASSET
RECONSTRUCTION CO LTO. ('the company') for the year ended 31ST march
2014. we report that:
(i) . In respect of its fixed assets:
(A) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us. the fixed assets have been physically verified
by the management during the year In a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on such
physical verification. ©According to the information & explanations
given to us and on the basis of such checks as we considered appropriate
we report that no substantial part of the fixed assets has been disposed
off during the year by the company.
(ii) The provisions of this clause are not applicable to the Company
during the period covered under audit as no activities pertaining to
goods of any nature was conducted by the company.
(iii) According to the information and explanations given to us, the
Company has. during the year, granted interest free loan to to two
parties amounting to Rs. 574.15 lakhs and taken interest free unsecured
loan to meet deity fund requirements from two paitics of Rs. 15.50
lakhs which are covered in the register maintained under section 301 of
the Companies Act. 1956. At the year end the outstanding balance of
such loans granted was Rs. 455.00 lakhs and unsecured loan taken was
Rs.15.00 lakhs respectively. In our opinion the rate of interest and
other terms & conditions of above loans are not. prima fade,
prejudicial to the interest of the Company. The Company is regular In
repaying the principle amounts as stipulated as well as recovering the
amount so granted.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business. Further,
on the basis of our examination and according to the information and
explanations given to us, we have neither come across nor have been
informed of any instances of major weaknesses in the aforesaid internal
control systems.
(v) (a) According to the information 3and explanations given to us and
on the basis of such chocks as we considered appropriate we are of the
opinion that the Company has entered all the transactions required to
be entered In the register maintained u/s 301 of the Companies Act.
1956.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements required to be entered in the registered maintained under
section 301 of the Companies Act.1956 have been made at a price which
is reasonable having regard to the prevailing market prices at that
time.
(vi) The Company has not accepted any deposits from the public and
hence directions issued by the Reserve 8ank of India and the provisions
of Section 5SA and 58AA or any other relevant provisions of the
Companies Act. 1956 and rules framed there under are not applicable for
the year under audit
(vii) In our opinion and according to the information and explanations
given to us, the Companies' internal audit system Is commensurate with
the size and nature of its business.
ii) The provisions of this clause are not applicable to the company
pertaining to maintenance of cost records under section 209(1) (d) of
the Companies Act. 1956 as the company Is not a manufacturing entity.
(ix)According to the information and explanations given to us and the
records of the Company examined by us. the Company has generally been
regular in depositing undisputed statutory dues including Provident
Fund. Employees State insurance, Income Tax, VAT. Service Tax. Wealth
Tax. Customs Duty. Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities and there were no
arrears outstanding as at the year end for a periiod of more than six
months from the date they became payable. *
(x) According to the records of the Company and in our opinion, the
accumulated losses at the end of the financial Year are not more than
50% of its net worth. Further, the Company has net incurred any cash
loss during the financial year ended March 31. 2014 as well as in the
Immediately preceding financial year ended on 31st March 2013.
(xi) According to the records of the Company examined by us and the
information and explanations given to US. the Company has not obtained
any financial assistance from any bank and/or FI's. Hence the
provisions of the aforementioned clause are not applicable to the
Company.
(xii) As the Company has not granted leans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
paragraphs 4(xii) of the Order are not applicable.
(xiii) The provisions of any special statute as specified under
paragraph 4(xili) of the Order is not applicable to the Company.
(xiv) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) of the Order is not
applicable.
(xv) According to the information and explanations given to us, in our
opinion the company has not given any guarantee for loans taken by
others from banks or financial Institutions.
(xvi) According to the information and explanations given to us. the
Company has not raised any term loan during the year.
(xvii) Acoording to the information and explanations given to us, and
on an overall examination of the Balance Sheet of the Company, we
report that during the year short term funds have not been used to
finance long term investments.
xvii) During the year, since the Company has not made any preferential
allotment of shares, paragraph 4(xviii) of the oder is not applicable.
(xix) During the year since the Company has not issued any debentures,
paragraph 4(xix) of the Order is not applicable.
(xx) During the year, since the Company has not raised any money by way
of public issue, paragraph 4(xx) of the Order is not applicable.
(xxi) In our opinin and according to the information and explanations
given to us. no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For: AMAA & ASSOCIATES
(Chartered Accountants)
FRN NO :013066C
(AMIT AGRAWAL)
PARTNER
MN0 404969
PLACE: NEW DELHI
DATE: 30.05.2014
Mar 31, 2013
1. We have audited the attached Balance Sheet of Ojas Asset
Reconstruction Co. Limited as at March 31, 2013 end also the Profit and
Loss Account and Cash Flow Statement for the year ended on that date
annexed thereto. These financial statemt nts are the responsibility of
the Company's management our responsibility is to express an opinion on
these fmanc ai statements based on our audit
2. We conducted our qudit in accordance with the auditing standards
generally accepted in India those standards require that we plan ar^J
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 incrudes
assessing the accounting principles used and significant estimates m*de
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 (Auditor's Report) (Amendment) Order. 2QQ4 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 19^6 and on the basis of such checks as we
considered appropriate and according to the information and explanations
given to us, We give in the Annexure a statement on the matter specified
m paragraph 4 and 5 of Scfd order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that-
a) We have obtained a)l 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 appears from our examination of those
books and proper returns adequate for the purpose of our audit have been
received from the branches; ;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (30 of Section 211 of the Companies
Act, 1956;
e) On the basis of written representations received from the director
and taken on record by the Board of Directors, we report thcjt 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) In our opinion and the best of our information and according to the
explanations given to us. the said accounts give the infornrjation
required by the Companies Act. 1956 in the manner so required a no give
e true and fair view in conformity w|th the accounting pnnciples
generally accepted In indie:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at March 31 2013.
(ii) in the case of the Profit and Loss Account, of the Profit of the
company for the year ended on that date; and
(iii) in the case of the Ca^h Flow Statement, of the cash flow of the
company for the year ended on that date.
THE ANNEXURE REFERRED TO IN THE MAIN AUDITORS REPORT OF EVEN PATH
{I}. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the bas
Is of available information.
(b) As explained to us. the fixed assets have been physically verified
by the management dunng the year in a phased periodical manner, whifch
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
According to the inlormation & explanations given to us and on the
basis of such checks as we considered appropriate we report that no
substantial part of the fixed assets has been disposed off during the
year by the company.
(ii) We nave been informed that the physical verification of finished
goods has been conducted by the Management itself and the procedures of
physical verification of inventory followed by the management are
reasonable and adequate in relation to the size of the company and the
nature of its business. The company is maintaining proper records of
stores inventory and no material discrepancies were noticed on such
physical verification.
(iii) According to the Information and explanations given to us, the
Company has. during the year, granted interest free loan to meet
operating expenses to two parties amounting to Rs, 66.50 lakh and taken
interest free unsecured loan to meet daily fund requirements from two
parties of Rs. 48.00 lakh which are covered in the register maintained
under section 301 of the Companies Act, 1956. At the year end the
outstanding balance of such loans granted was Rs. NIL and unsecured
loan taken was Rs.48.00 lakh respectively. In our opinion the rate of
interest and other terms & conditions of above loans are not, prime
facie, prejudicial to the interest of the Company. The Company is
regular in repaying the principle Amounts as stipulated as well as In
recovering the amount so granted.
(iv) In our opinion and according to the information and explanations
given to us. there are adequate internel control systems commensurate
with the size of the Company and the nature of its business. Further,
on the basis of our examination and according to the information and
explanations given to us, we have neither come across nor have been
informed of any instances of major weaknesses in the aforesaid internal
control systems.
(v) (a) According to the Information and explanations given to us and
on the basis of such checks as we considered appropriate we are of he
opinion that the Company has entered all the transactions required to
be entered in the register maintained u/ s 301 of the Companies Act,
1956.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract; or
arrangements required to be entered in the registered maintained under
section 301 of the Companies Act,1956 have been made at a price which
is reasonable having regard to the prevailing market prices at that
time.
(vi) The Company has not accepted any deposits from the public and
hence directions issued by the Reserve Bank of India and the provisions
of Section 5SA and 58AA or any other relevant provisions of the
Companies Act. 1956 and rules framed then under are not applicable for
the year under audit.
{vii} In our opinion and according to the information and explanations
given to us. the Companies' internal audit system is commensurite with
the size and nature o? its business.
(viii) The provisions of this clause are not applicable to the compnay
pertaining to maintenance of cost records under section 209(1) (d) of
the Companies Act, 1956 as the company is not a manufactruing entity.
(ix) According to the information and explanations given to us and the
records of the Company examined by us. the Company has generally been
regular in depositing undisputed statutory dues including Provident
Fund, Employees State Insurance. Income Tax, VAT, Service Tax. Wealth
Tax. Customs Duty. Excise Duty. Cess and other material statutory dues
applicable to it with the appropriate authorities and there were no
arrears outstanding as at the year end for a period of more than six
months from the date they became payable,
(x) According to the records of the Company and in our opinion, the
accumulated losses at the end of the financial Year are not more than
50% of its net worth. Further, the Company has not incurred cash losses
during the financial year ended March 31. 2013.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not obtained
any financial assistance from any bank and/or FVs. Hence the provisions
of the aforementioned clause are not applicable to the Company.
(xii) As the Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
paragraphs 4(xir) of the Order are not applicable.
(xiii) The provisions of my special statute as specified under
paragraph (xiii) of the Order Is not applicable to the Company,
(xiv) As the Company is not dealing or trading in shares, securities,
debentures and other Investments, paragraph 4(xiv) of the Order Is not
applicable.
(xv) According to the information and explanations given to us. in our
opinion the company has not given any guarantee for loans taken by
others from banks or financial Institutions,
(xvi) According to the information and explanations given to us. the
Company has not raised any term loan during the year.
(xvii) According to the Information and explanations given to us, and
on an overall examination of the Balance Sheet of the Company, we
report that during the year short term funds have not been used to
finance long term investments.
(xvili) During the year, since the Company has not made any
preferential allotment of shares, paragraph 4(xviii) of the Order is
not applicable.
(xix) During the year, since the Company has not issued ary debentures,
paragraph 4(xix) of the Order is not applicable.
(xx) During the year, since the Company has not raised any money by way
of public issue, paragraph 4(xx) of the Order is not applicable.!
(xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For: AMAA & ASSOCIATES
(Chartered Accountants)
FRN NO. 013066C
MlT AGRAWAL)
PARTNER
MNO, 404969
PLACE: NEW DELHI
DATE: 09.08.2013
Mar 31, 2012
Not Available
Mar 31, 2011
1. We have audited the attached Balance Sheet of Ojas Asset
Reconstruction Co. Limited as at March 31, 2011 and also the Profit
and Loss Account and Cash Flow Statement for the year ended on that
date annexed thereto prepared incorporating the effect of the Scheme of
Arrangement sanctioned by the Honorable High Court of Delhi vide its
order dated 19th August, 2011 to be effective retrospectively from 1st
April 2009, for the amalgamation of Adinath Trading Pvt Limited and
Chitralekh Trading Pvt Ltd. with Ojas Asset Reconstruction Co Limited
(Formerly known as CHETRAM BALKRISHAN LIMITED). 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 the 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 or 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 cur audit provides a reasonable basis for
our opinion,
3. As required by the Companies (Auditor''s ReportÂ) 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 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 give in the Annexure a statement on
the matter specified in paragraph 4 and 5 of 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 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 appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act,
e) We had requested directors to give written representations regarding
their eligibility for appointment as Director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956 but no such
representation was received by us and therefore we are unable to
express our opinion on the subject
(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 March 31 2011-
(ii) In the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date; and
(iii) In the case of the Cash flow Statement, of the cash flow of the
company for the year ended on that date.
ANNEXURE TO AUDITOR''S REPORT
Note; The word Company has been used in the report as referring to the
three Companies which have been amalgamated.
(i) (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
(b) As explained to us, the Company has a system of physical
verification of fixed assets which is designed to cover all assets over
a period of three years and, in accordance therewith, physical
verification of major portion of the fixed assets of the Company was
carried out during the year. In our opinion, the frequency of
verification is reasonable having regard to the size of the Company and
the nature of its fixed assets. In respect of the assets physically
verified in the current year, reconciliation with the book records is
in progress.
(c) In our opinion and according to the information and explanations
given to us, the compnay has sold fixed asset though substantial in
terms of amount yet as per the explanations given by the management it
will not affect the going concern concept in future.
(ii) (a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are Reasonable and adequate in relation to
the site of the Company and the nature of its business.
(c) On the basis of our examination of the records of inventories, we
are of the opinion that, the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories is compared to book records were not material and have
either been properly dealt with in the books of account or as per
policy being recovered from the person incharge of stock if there are
material shortages.
(iii) According to the information and explanations given to us, the
Company has, during the year, not granted or taxen any loan, secured or
unsecured to companies, firms and other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the provisions or clause 4 (iii) (b), (c) & (d) are not applicable.
(iv) In oar opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventories and fixed assets and with regard to the
sale or goods and services during the year. Further, or the basis of
our examination and according to the information and explanations given
to us, we have neither come across nor have been informed of any
instances of major weaknesses on the aforesaid internal control
systems.
(v) (a) According to the information and explanations given to us and
on, the basis of such checks as we considered appropriate we are of the
opinion that the Company has entered all the transactions required to
be entered in the register maintained u/s 301 of the Companies Act,
1956.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements required to be entered in the registered maintained under
section 301 of the Companies Act, 1956 have been made at a price which
is reasonable having regard to the prevailing market prices at that
time.
(vi) The Company has not accepted any deposits from the public and
hence directives issued by the Reserve Bank of India and the provisions
of Section 58A and 58AA or any other relevant provisions of the
Companies Act, 1956 and rules framed there under are not applicable for
the year under audit.
(vii) In our opinion and according to the information end expIanations
given to us, the Companys internal audit system is commensurate with
the size and nature of its business.
(viii) The provisions of this clause are not applicable to the company
pertaining to maintenance of cost records under section 209 (1) (d) of
the Companies Act, 1956 as the company is not a manufacturing entity.
(ix) According to the information and explanations Given to us and the
records of the Company examined by us, the Company has generally been
regular in depositing undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, VAT, Service Tax, Wealth
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities and there were no
arrears outstanding as at the year end for a period of more than six
months from the date they became payable.
(x) According to the records of the Company and in our opinion, the
accumulated losses at the end of the financial Year are not more than
50 in net worth, Further, the Company has not incurred cash losses
during the financial year ended March 31, 2011, as well as in the
immediately proceeding financial period ended March 31, 2010.
(xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of ques to banks during the year. The Company has not
taken any loans from financial institutions and has not issued
debentures.
(xii) As the Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
paragraphs 1 (xii) of the Order are not applicable.
(xiii) The provisions of any special statute as specified under
paragraph 4 (xiii) of the Order is not applicable to the Company.
(xiv) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4 (xiv) of the Order is not
applicable.
(xv) According to the information and explanations given to us, in our
opinion the company has not given any guarantee for loans taken by
others from tanks or financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not raised any term loan during the year.
(xvii) According to the information and explanations given to us, and
on an overall examination of the Balance Sheet of the Company, we
report that during the year short term funds have not been used to
finance long term investments.
(xviii) During the year, since the Company has not made any
preferential allotment of shares, paragraph 4 (xviii) of the Order is
not applicable.
(xix) During the year, since the Company has not issued any debentures,
paragraph 4 (xix) of the Order is not applicable.
(xx) During the year, since the Company has not raised any money by way
or public issue, paragraph 4 (xx) of the Order is not applicable.
(xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For: AMAA & ASSOCIATES
(Chartered Accountants)
FRN NO. 013066C
(AMIT AGRAWAL)
PARTNER
MNO. 404969
PLACE: NEW DELHI
DATE : 02.09.2011
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