Mar 31, 2018
INDEPENDENT AUDITORS REPORT
To,
The Members, Zodiac Ventures Limited.
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Zodiac Ventures Limited ("the Company"), 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, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "standalone Ind AS financial statements")
Management''s Responsibility for the Standalone Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Ind AS 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) specified under Section 133 of the Act, Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 Ind AS 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 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 thereunder.
We conducted our audit of the standalone Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS financial statements that give a 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 Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, except for the possible effect of the matter described in the basis of qualified opinion paragraph the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2018 and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31 March, 2017 and the transition date opening balance sheet as at 1 April, 2016 included in these standalone Ind AS financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by us whose report for the year ended 31 March, 2017 and 31 March, 2016 dated 30th May, 2017 and 30th May, 2016 respectively expressed an unmodified opinion on those standalone financial statements as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion on the standalone Ind AS financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of the above matters.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2016, issued by the Central Government of India in terms of sub-section (11) of the section 143 of the Companies Act, 2013, we give in Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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 (including Other Comprehensive Income), 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 Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, Companies (Indian Accounting Standards) Rules, 2015, as amended.
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 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.
g) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of Section 143 of the Companies Act, 2013("the Act") is enclosed as Annexure B to this report.
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, 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. According to information and explanation given to us, the Company has not entered into any long-term contracts including derivative contracts, ill. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
For A. R. Sodha & Co. |
|
Chartered Accountants |
|
FRN110324W |
|
Dipesh R. Sangoi |
|
Partner |
|
Place : Mumbai |
M.No.1 24295 |
Date: 28th May, 2018 |
ANNEXURE A TO AUDITORS''S REPORT
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1. a. According to information and explanations given to us by the management and records furnished
before us, the Company is not having any Fixed Assets. Accordingly Clause 3(i)(a) and (b) of the Companies (Auditor''s Report) Order, 2016 is not applicable.
b. According to information and explanations given to us by the management and records furnished before us, the Company is not holding any immovable property. Accordingly Clause 3(i)(c) of the Companies (Auditor''s Report) Order, 2016 is not applicable.
2. a. According to information and explanation given to us by the management and records furnished
before us, the Company is not having any Inventory. Accordingly Clause 3 (ii) of the Companies (Auditor''s Report) Order, 2016 is not applicable.
3. According to the information and explanation given to us and on the basis of records furnished before us, Company has not granted any secured or unsecured loans during the year to companies, firms, limited liability partnerships or any other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly Clause 3(iii)(a), (b) & (c) of the Companies (Auditor''s Report) Order, 2016 is not applicable.
4. According to the information and explanation given to us and on the basis of records furnished before us, Company has not provided any loans, guarantees and security. Accordingly Clause 3(iv) of Companies (Auditor''s Report) Order, 2016 is not applicable.
5. 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 accepted any deposits within the meaning of section 73 to 76 from public during the year. Accordingly clause 3(v) of Companies (Auditor''s Report) Order, 2016 is not applicable.
6. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 in respect of services dealt with by the Company. Accordingly Clause 3(vi) of Companies (Auditor''s Report) Order, 2016 is not applicable.
7. a. According to the information and explanations given to us and records examined by us, the Company has delayed''m depositing of undisputed statutory dues with respect to Tax Deducted at Source, Profession Tax, Service tax and Goods and Service Tax. However, there are no outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable.
b. According to information and explanation given to us, there are no disputed statutory dues relating to Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess, Goods and Service Tax or any other statute.
8. According to the records of the Company examined by us and the information and explanations given to us, the Company has not taken any loan from any bank or financial institution or any borrowings from debenture holders. Accordingly Clause 3(viii) of Companies (Auditor''s Report) Order, 2016 is not applicable.
9. According to the records of the Company examined by us and the information and explanations given to us, the company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) and term loans. Accordingly Clause 3(ix) of Companies (Auditor''s Report) Order, 2016 is not applicable.
10. During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instance of fraud on or by the company noticed or reported by its officers or employees during the year nor we have been informed of such instances by the management.
11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company not has paid/provided for any managerial remuneration during the year. Accordingly Clause 3(xi) of Companies (Auditor''s Report) Order is not applicable.
12. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. According the clause 3(xii) of Companies (Auditor''s Report) Order, 2016 is not applicable.
13. According to the information and explanation provided to us and based on our examination of the records of the Company, the transaction with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details of such transactions have been disclosed in financial statements as required by the applicable Accounting Standards.
14. According to the information and explanation provide to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly the clause 3(xiv) of the Companies (Auditor''s Report) Order, 2016 is not applicable.
15. According to the information and explanation provided to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transaction with directors or persons connected with him. Accordingly clause 3(xv) of the Companies (Auditor Report) Order, 2016 is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For A. R. SODHA & Co. |
|
Chartered Accountant |
|
FRN110324W |
|
Dipesh R. Sangoi |
|
Partner |
|
M. No 124295 |
|
Place: Mumbai |
|
Date: 28th May, 2018 |
ANNEXURE B TO AUDITORS''S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Zodiac Ventures Limited ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s 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 (''ICAI''). 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 company''s 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.
Auditors'' 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 "Guidance Note") 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 auditor''s 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 Company''s 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 controls 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 Controls Over Financial Reporting issued by the ICAI.
For A.R. Sodha & Co. |
|
Chartered Accountants |
|
FRN110324W |
|
A.R. Sodha |
|
Partner |
|
M No. 124295 |
|
Place: Mumbai |
|
Date: 28th May, 2018 |
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Zodiac Ventures Limited ("the Company"), which comprise the Balance
Sheet as at 31st March,2015, the Statement of Profit and Loss, 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statement based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and the 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 are require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the company as
at 31st March, 2015, and its profit/loss and its cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015, issued by
the Central Government of India in terms of sub- section( 11) of the
section 143 of the Companies Act. 2013, we give in the Annexure
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
As required by Section i43 (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) 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.
d) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
e) 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 has disclosed the impact of pending litigations on its
financial position in its financial statements. Refer note 2.19 to the
financial statements.
ii. According to information and explanation given to us, the company
has not entered into any long-term contracts including derivative
contracts.
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 AUDITORS REPORT
On the basis of such checks as we considered appropriate and in terms
of information and Explanations given to us, we state that:
1. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Fixed Assets. Accordingly Clause 3(ii) (a) and (b) of the Companies
(Auditor's Report) Order, 2015 is not applicable.
2. According to information and explanation given to us by the
management and records furnished before us, the company is not having
any Inventory. Accordingly clause 3 (ii)(a), (b), and (c) of the
Companies( Auditor's Report) Order, 2015 is not applicable.
3. a. According to the information and explanation given to us and on
the basis of records furnished before us, company has not granted unsecured
loans during the year to any parties covered in the register maintained under
section 189 of the Companies Act, 2013. However, it had granted unsecured loan
to its subsidiary in the previous financial year.
b. According to information and explanation furnished to us, the
receipt, of the principal amount and interest are also regular.
c. According to information and explanation given to us, since the
loans are repayable on demand, we cannot comment with respect to the
overdue amount.
4. In our opinion, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and for the sale of services.
Neither we have come across nor we have been informed of any continuing
failure to correct the major weakness in the internal control.
5. The company has not accepted deposits form the public within the
meaning of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there Under. Accordingly Clause 3(v)
of Companies (Auditor's Report) Order, 2015 is not applicable.
6. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
sub-section (1) of section 148 of the Companies Act, 2013 in respect of
products dealt with by the company.
7. a. According to the information and explanations given to us and
records examined by us, the Company has generally delayed in depositing
of undisputed statutory dues with respect to Income Tax, Tax Deducted
at Source, Dividend Distribution Tax and Service tax. However, there
are no outstanding statutory dues as at the last day of the financial
year for a period of more than six months from the date they became
payable.
b. According to information and explanation given to us, there are no
dues relating to Income Tax, Sales tax, Wealth Tax, Service tax, Custom
Duty, Excise Duty, Cess, or any other statute which have been deposited
on account of dispute.
c. According to information and explanations given to us, there are no
dues relating to Income Tax, Sales tax, Wealth tax, Service Tax, Custom
Duty, Excise Duty, Cess, or any other statute, which have not been
deposited on account of dispute.
8. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
9. According to the records of the company examined by us and the
information and Explanations given to us, the company has not taken any
loan from any bank or financial Institution. Accordingly Clause3 (ix)
of Companies (Auditor's Report) Order, 2015 is not applicable.
10. According to information and explanation provided to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly Clause 3 (x) of Companies
(Auditor's Report) Order, 2015 is not applicable.
11. According to information and explanation given to us by the
management and records furnished before us, during the year company has
not taken any term loan. Accordingly clause 3 (xi) of
Companies(Auditor's Report) Order, 2015 is not applicable.
12. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company noticed or reported during the period nor we have been
informed of such instances by the management.
For A. R. SODHA & Co.
Chartered Accountants
FRN110324W
Dipesh Sangoi
Partner
M. No 124295
Place: Mumbai
Date : 30th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Zodiac Venture
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 principles generally accepted in India including
Accounting Standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Act;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31st
MARCH, 2014
Annexure referred to in Paragraph 3 of our report of even date On the
basis of such checks as we considered appropriate and in terms of
information and explanations given to us, we state that:
1. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Fixed Assets, Accordingly Clause 4(i)(a), (b), and (c) of the
Companies (Auditor''s Report) Order, 2003 is not applicable.
2. According to information and explanation given to us by the
management and records furnished before us, the Company is not having
any Inventory, Accordingly Clause 4 (ii)(a), (b), and (c) of the
Companies (Auditor''s Report) Order, 2003 is not applicable.
3. a. According to the information and explanations given to us and on
the basis of records furnished before us, the company has granted loan
to its subsidiary company during the year. The maximum amount involved
during the year is Rs. 42,21,995/- and the yearend balance of loan was
Rs. 7,93,951.
b. In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions on which loans
have been given are prima facie not prejudicial to interest of the
company.
c. According to the information and explanation given to us the said
loan and interest thereon is repayable on demand and has been repaid as
and when demanded.
d. According to the information and explanation given to us there is no
overdue with respect to principal and interest.
e. According to the information and explanation given to us and records
furnished before us for verification, during the year under
consideration the company has taken interest free unsecured loan from
one party covered in the register maintained under section 301 of the
Act. The maximum amount involved during the year is Rs. 28,18,551/- and
the yearend balance is Rs. 24,76,726/-.
f. In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions on which loans
have been taken are prima facie not prejudicial to interest of the
company
g. According to the information and explanation given to us the said
loan and interest thereon is repayable on demand and has been repaid as
and when demanded.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to sale of services. Neither we have come across nor have we been
informed of any continuing failure to correct major weakness in the
internal control.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of the transactions made in pursuance of such contracts
or arrangements exceeding value of Rupees five lakhs entered into
during the financial year, in our opinion, are made at price which is
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditor''s Report) Order, 2003 is not
applicable.
7. According to information and explanations given to us no internal
audit has been carried out during the year considering the nature and
volume of the activity.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 in respect of the products
dealt with by the company.
9. a. According to the information and explanations given to us and
records examined by us, the Company has generally delayed depositing of
undisputed statutory dues with respect to Income Tax, Tax Deducted at
Source, Dividend Distribution Tax and Service tax.
b. According to information and explanation given to us and records
examined by us, Dividend Distribution Tax, Income Tax and Tax Deducted
at source amounting to Rs.1,90,124/-, Rs.12,81,830/- and Rs. 62,800/-
respectively are outstanding beyond six months from the date they
become payable at the end of the year.
c. According to information & explanation given to us and the records
of the Company examined by us, there are no statutory dues which were
not deposited on account of any dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. As per the information and explanations given to us, the Company
has not defaulted in repayment of dues to banks or financial
institutions during the year. The company has not borrowed any sums
through debentures.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies. Accordingly clause 4(xiii) of Companies (Auditor''s
Report) Order, 2003 is not applicable.
14. According to Information and explanation given to us and records
examined by us, in our opinion the company has maintained proper
records and contracts with respect to investments and has made timely
entries therein of investment in shares. Investments are held in the
name of the company.
15. According to information and explanations provide to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly Clause 4(xv) of Companies
(Auditor''s Report) Order, 2003 is not applicable.
16. According to information and explanations given to us by the
management and records furnished before us, during the year company has
not taken any term loan. Accordingly clause 4(xvi) of Companies
(Auditor''s Report) Order, 2003 is not applicable.
17. According to the information and explanations given to us and
overall examination of records furnished before us, funds raised on
short-term basis have not been prima-facie used for long-term
investment.
18. During the period, the company has not made allotment of shares on
preferential basis to parties and companies covered in the register
maintained under section 301 of the Act. Accordingly Clause 4(xviii) of
Companies (Auditor''s Report) Order, 2003 is not applicable.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The company has not raised any money by public issue during the
year under audit. Accordingly Clause 4(xx) of Companies (Auditor''s
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company noticed or reported during the period nor we have been
informed of such instances by the management.
For A. R. SODHA & CO.
Chartered Accountants,
FRN:110324W
Dipesh R Sangoi
Partner.
M. No.124295
Place: Mumbai.
Date: 30th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Zodiac Ventures
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Act;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST
MARCH, 2013
Annexure referred to in Paragraph 3 of our report of even date
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Fixed Assets, Accordingly Clause 4(i)(a), (b), and (c) of the
Companies (Auditor''s Report) Order, 2003 is not applicable.
2. According to information and explanation given to us by the
management and records furnished before us, the Company is not having
any Inventory, Accordingly Clause 4 (ii)(a), (b), and (c) of the
Companies (Auditor''s Report) Order, 2003 is not applicable.
3. a. According to the information and explanations given to us and
on the basis of records furnished before us, the company has granted
loan to its subsidiary company during the year. The maximum amount
involved during the year is Rs.59,04,693 and the yearend balance of
loan was Rs.32,06,995.
b. In our opinion and according to information and explanation given
to us, the rate of interest and other terms and conditions on which
loans have been given are prima facie not prejudicial to interest of
the company.
c. According to the information and explanation given to us the said
loan and interest thereon is repayable on demand and has been repaid as
and when demanded.
d. According to the information and explanation given to us there is
no overdue with respect to principal and interest.
e. According to the information and explanation given to us and
records furnished before us for verification, during the year under
consideration the company has taken interest free unsecured loan from
one party covered in the register maintained under section 301 of the
Act. The maximum amount involved during the year is Rs.16,92,429 and
the yearend balance is Rs.47,335.
f. In our opinion and according to information and explanation given
to us, the rate of interest and other terms and conditions on which
loans have been taken are prima facie not prejudicial to interest of
the company
g. According to the information and explanation given to us the said
loan and interest thereon is repayable on demand and has been repaid as
and when demanded.
4. According to the information & explanations given to us, during the
year company has not carried on any operating business activity hence
we cannot comment whether internal control procedure are commensurate
with the size of the company and the nature of its business.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of the transactions made in pursuance of such contracts
or arrangements exceeding value of Rupees five lakhs entered into
during the financial year, in our opinion, are made at price which is
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditor''s Report) Order, 2003 is not
applicable.
7. According to information and explanations given to us no internal
audit has been carried out during the year.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 in respect of the products
dealt with by the company.
9. a. According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including investor education and protection
fund, income tax, wealth tax, service tax with the appropriate
authorities except few delays in payment of Service tax.
b. No statutory dues are outstanding beyond six months from the date
they become payable at the end of the year.
c. According to information & explanation given to us and the records
of the Company examined by us, there are no statutory dues which were
not deposited on account of any dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. As per the information and explanations given to us, the Company
has not defaulted in repayment of dues to banks or financial
institutions during the year. The company has not borrowed any sums
through debentures.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies. Accordingly clause 4(xiii) of Companies (Auditor''s
Report) Order, 2003 is not applicable.
14. According to Information and explanation given to us and records
examined by us, in our opinion the company has maintained proper
records and contracts with respect to investments and has made timely
entries therein of investment in shares. Investments are held in the
name of the company.
15. According to information and explanations provide to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly Clause 4(xv) of Companies
(Auditor''s Report) Order, 2003 is not applicable.
16. According to information and explanations given to us by the
management and records furnished before us, during the year company has
not taken any term loan. Accordingly clause 4(xvi) of Companies
(Auditor''s Report) Order, 2003 is not applicable.
17. According to the information and explanations given to us and
overall examination of records furnished before us, funds raised on
short-term basis have not been prima-facie used for long- term
investment.
18. During the period, the company has made allotment of shares on
preferential basis to parties and companies covered in the register
maintained under section 301 of the Act. In our opinion, the price at
which shares have been issued is not prejudicial to the interest of the
company.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditor''s Report) Order, 2003
is not applicable.
20. The company has not raised any money by public issue during the
year under audit. Accordingly Clause 4(xx) of Companies (Auditor''s
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company noticed or reported during the period nor we have been
informed of such instances by the management.
For A. R. SODHA & CO.
Chartered Accountants,
FRN: 110324W
Dipesh R Sangoi
Partner.
M. No. 124295
Place: Mumbai.
Date : 30th May, 2013
Mar 31, 2012
1) We have audited the attached Balance Sheet of Zodiac Ventures Ltd.
as at 31st March 2012, Profit and Loss Account and cash flow for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the CompanyRs.s Management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (AuditorRs.s Report) Order, 2003 issued
by the Central Government in Terms of Section 227 (4A) of the Companies
Act, 1956 and on the basis of such checks and verification as were
considered necessary, we report, in the Annexure hereto on the matters
specified in the Paragraph 4 of the said order.
4) Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report are in compliance with the Accounting standard
referred to in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations received from the Directors
of the Company as at March 31, 2012 and taken on record by the Board of
Directors, we report that no director is disqualified from being
appointed as a Director of the company under clause (g) of subsection
(1) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us the above the said accounts together with
the notes thereon, give the information required by the Companies Act,
1956 in the manner so required and gives true and fair view in
conformity with the accounting principles generally accepted in India
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012 and
ii) In the case of Profit & Loss Account of the Profit for the year
ended on that date.
iii) In case of Cash Flow of the cash flow for the year ended on that
date
Annexure To The Auditors Report On The Accounts For The Year Ended 31st
March, 2012 Annexure referred to in Paragraph 3 of our report of even
date
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Fixed Assets, Accordingly Clause 4(i)(a), (b), and (c) of Companies
(AuditorRs.s Report) Order, 2003 is not applicable
2. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Inventory, Accordingly Clause 4 (ii)(a), (b), and (c) of Companies
(AuditorRs.s Report) Order, 2003 is not applicable
3. a. According to the information and explanations given to us and on
the basis of records furnished before us,
the company has granted loan to its subsidiary company during the year.
The maximum amount involved during the year is Rs. 13,25,000 and the
yearend balance of loan was Rs. 13,25,000.
b. According to the information and explanation given to us the rate
of interest and other terms and conditions are prima facie not
prejudicial to the interest of the company.
c. According to information and explanation given to us the above loan
and interest thereon is repayable on demand and the repayment was not
demanded during the year. Accordingly question of regularity of payment
of principal and interest does not arise.
d. Since repayment was not demanded question of overdue amount does
not arise
e. According to the information and explanation given to us and
records furnished before us for verification, during the year under
consideration the company has taken interest free unsecured loan from
two parties covered in the register maintained under section 301 of the
Act. Maximum amount involved was Rs. 56,79,593 and the yearend balance
is Rs. 11,59,328.
f. According to information and explanation given to us the rate of
interest and other terms and conditions are prima facie not
pre-judicial to the interest of the company.
g. According to information and explanation given to us the said loan
is repayable on demand and has been repaid as and when demanded.
4. According to the information & explanations given to us, during the
year company has not carried on any operating business activity hence
we cannot comment whether internal control procedure are commensurate
with the size of the company and the nature of its business.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of the transactions made in pursuance of such contracts
or arrangements exceeding value of Rupees five lakhs entered into
during the financial year, in our opinion, are made at price which is
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (AuditorRs.s Report) Order, 2003 is not
applicable.
7. According to information and explanation given to us no internal
audit has been carried out during the year.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 in respect of the products
dealt with by the company.
9. a. According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including, investor education and protection
fund, income tax, wealth tax, and other dues with the appropriate
authorities and there were no amounts outstanding beyond six months at
the end of the year.
b. According to information & explanation given to us and the records
of the Company, there were no statutory due which were not deposited on
account of any dispute
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. As per the information and explanations given to us, the Company
has not defaulted in repayment of dues to banks or financial
institutions during the year. The Company has not borrowed any sums
through debentures.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies. Accordingly clause 4(xiii) of Companies (AuditorRs.s
Report) Order, 2003 is not applicable.
14. According to Information and explanation given to us and records
examined by us, in our opinion the company has maintained proper
records and contracts with respect to investments and has made timely
entries therein of investment in Shares. Investments are held in the
name of the company.
15. According to information and explanations provide to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly Clause 4(xv) of Companies
(AuditorRs.s Report) Order, 2003 is not applicable.
16. According to information and explanations given to us by the
management and records furnished before us, during the year company has
not taken any term loan. Accordingly clause 4(xvi) of Companies
(AuditorRs.s Report) Order, 2003 is not applicable.
17. According to the information and explanations given to us and
overall examination of records furnished before us, funds raised on
short-term basis have not been prima-facie used for long-term
investment.
18. During the period, the company has not made allotment of shares on
preferential basis to parties and companies covered in the registered
maintained under section 301 of the Act hence Clause 4(xviii) of
Companies (AuditorRs.s Report) Order, 2003 is not applicable.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (AuditorRs.s Report) Order, 2003
is not applicable.
20. The company has not raised any money by public issue during the
year under audit. Accordingly Clause 4(xx) of Companies (AuditorRs.s
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company noticed or reported during the period nor we have been
informed of such instances by the management.
For A. R. SODHA & CO.
Chartered Accountants,
FRN : 110324W
Sd/-
(Dipesh R. Sangoi)
Partner.
M. No. 124295
Place: Mumbai.
Date : 30th May, 2012
Mar 31, 2011
1) We have audited the attached Balance Sheet of Zodiac Ventures Ltd.
(Previously Known as Money Masters Investment Limited) as at 31st March
2011, Profit and Loss Account and cash flow for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company's Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in Terms of Section 227 (4A) of the Companies
Act, 1956 and on the basis of such checks and verification as were
considered necessary, we report, in the Annexure hereto on the matters
specified in the Paragraph 4 of the said order.
4) Further to our comments in the Annexure referred to above, we report
that:
b) We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
c) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
d) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of accounts.
e) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report are in compliance with the Accounting standard
referred to in Section 211 (3C) of the Companies Act, 1956.
f) On the basis of written representations received from the Directors
of the Company as at March 31, 2011 and taken on record by the Board of
Directors, we report that no director is disqualified from being
appointed as a Director of the company under clause (g) of subsection
(1) of section 274 of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to
the explanations given to us the above the said accounts together with
the notes thereon, give the information required by the Companies Act,
1956 in the manner so required and gives true and fair view in
conformity with the accounting principles generally accepted in India
i) In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011 and
ii) In the case of Profit & Loss Account of the Profit for the year
ended on that date.
iii) In case of Cash Flow of the cash flow for the year ended on that
date
ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST
MARCH, 2011
Annexure referred to in Paragraph 3 of our report of even date
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Fixed Assets, Accordingly Clause 4(i)(a), (b), and (c) of Companies
(Auditor's Report) Order, 2003 is not applicable
2. According to information and explanations given to us by the
management and records furnished before us, the Company is not having
any Inventory, Accordingly Clause 4 (ii)(a), (b), and (c) of Companies
(Auditor's Report) Order, 2003 is not applicable
3. a. According to the information and explanations given to us and
on the basis of records furnished before us, the company has not
granted any loans to parties covered in the register maintained under
section 301 of the Companies Act, 1956. Accordingly Clause 4(iii)(a),
(b), (c), and (d) of Companies (Auditor's Report) Order, 2003 is not
applicable.
b. According to the information and explanation given to us and
records furnished before us for verification, during the year under
consideration the company has taken interest free unsecured loan from
one party covered in the register maintained under section 301 of the
Act. Maximum amount involved was Rs.99.44 Lacs
c. According to information and explanation given to us the rate of
interest and other terms and conditions are prima facie not
pre- judicial to the interest of the company.
d. According to information and explanation given to us the said loan
is repayable on demand and has been repaid as and when demanded.
4. According to the information & explanations given to us, during the
year company has not carried on any operating business activity hence
we cannot comment whether internal control procedure are commensurate
with the size of the company and the nature of its business.
5. a. In our opinion and according to the information and explanation
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
b. In respect of the transactions made in pursuance of such contracts
or arrangements exceeding value of Rupees five lakhs entered into
during the financial year, in our opinion, are made at price which is
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditor's Report) Order, 2003 is not
applicable.
7. Since company has not carried on any activity during the year no
Internal Audit was carried out.
8. According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209(1)(d) of the Companies Act, 1956 in respect of the products
dealt with by the company.
9. a. According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including, investor education and protection
fund, income tax, wealth tax, and other dues with the appropriate
authorities and there were no amounts outstanding beyond six months at
the end of the year.
b. According to information & explanation given to us and the records
of the Company, there were no statutory due which were not deposited on
account of any dispute
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. As per the information and explanations given to us, the Company
has not defaulted in repayment of dues to banks or financial
institutions during the year. The Company has not borrowed any sums
through debentures.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not chit fund, nidhi, mutual fund,
and societies. Accordingly clause 4(xiii) of Companies (Auditor's
Report) Order, 2003 is not applicable.
14. According to Information and explanation given to us and records
examined by us, in our opinion the company has maintained proper
records and contracts with respect to investments and has made timely
entries therein of investment in Shares. Investments are held in the
name of the company.
15. According to information and explanations provide to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly Clause 4(xv) of Companies
(Auditor's Report) Order, 2003 is not applicable.
16. According to information and explanations given to us by the
management and records furnished before us, during the year company has
not taken any term loan. Accordingly clause 4(xvi) of Companies
(Auditor's Report) Order, 2003 is not applicable.
17. According to the information and explanations given to us and
overall examination of records furnished before us, funds raised on
short- term basis have not been prima- facie used for long- term
investment.
18. During the period, the company has not made allotment of shares on
preferential basis to parties and companies covered in the registered
maintained under section 301 of the Act hence Clause 4(xviii) of
Companies (Auditor's Report) Order, 2003 is not applicable.
19. During the period, the Company has not issued any debentures.
Accordingly Clause 4(xix) of Companies (Auditor's Report) Order, 2003
is not applicable.
20. The company has not raised any money by public issue during the
year under audit. Accordingly Clause 4(xx) of Companies (Auditor's
Report) Order, 2003 is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company noticed or reported during the period nor we have been
informed of such instances by the management.
For A. R. SODHA & CO.
Chartered Accountants,
FRN : 110324W
Sd/-
(Dipesh R. Sangoi)
Partner.
M. No. 124295
Place: Mumbai.
Date : 30th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of ZODIAC VENTURES LTD.
(Earlier Money Masters Investment Ltd.) as at 31st March 2010. and also
the Profit and Loss Account and the Cash Flow of the Company for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Companys management. Our responsibility is
to express an opinion on the financial statements based on our audit.
2. We have 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 of material misstatement. An audit
includes examining, on test basis, the evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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) (Amendment) Order,
2004 issued by the Central Government in terms of section 227 (4A) of
the Companies Act. 1956, we enclose in the annexure a statement on the
matter specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to in paragraph 1
above:
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company so far as it appears from our examination of
such books.
c) The Balance Sheet. Profit 5 Loss Account and the Cash Flow Statement
dealt with by this report are in agreement with the boob of accounts.
d) The companys Balance Sheet. Profit & Loss Account and the Cash Flow
Statement dealt with in this report are in line with the Accounting
standards prescribed by law in sub-section (3c) of section 211 of the
Companies Act. I35B.
e) On the basis of the written representation received from the
Directors, as on 31st March 20ID. and taken on record by the Board of
Directors, we report that none of the Directors of the Company are
disqualified as on 31st March 2DID from being appointed as a Director
under clause (g) of subsection (I) of section 274 of the Companies Act.
I95B.
f) In our opinion and to the best of our information and according to
explanations given to us. the said accounts read with schedules
attached thereto and notes thereon give the information required by the
Companies Act. I956. 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 Balance Sheet, of the state of affairs of the company
as at 31st March. 2010
ii) In the case of Profit & Loss. Account of the profit for the year
ended on that date;
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE Referred to in Paragraph 3 of our report of even date:
1. The Company does not have any fixed assets. In the absence of the
same the question of reporting under clause 4(i) (a). 4{i) (b) and
4(iv) does not arise.
2. Since the Company has not carried out any manufacturing or trading
activity during the year, in view of the same, reporting under clause
4(ii) (a), 4(ii) (b). 4(ii) (c). 4(iv) and 4(viii). are not considered
as applicable.
3. The Company has neither taken nor granted any loans or advances in
the nature of loans to parties covered in the register maintained under
section 301 of the Companies act. 1956. Hence, the question of
reporting whether the terms and conditions of such loans are
prejudicial to the interests of the company, whether reasonable steps
for recovery / repayment of over dues of such loans are taken does not
arise.
4. Based on the audit procedures applied by us and the information and
explanations provided by the management, we are of the opinion that the
transactions that need to be entered into the register maintained under
section 3DI of the Companies Act. 1956 have been so entered.
5. Based on our scrutiny of the companys records and according to the
information and explanations provided by the management, in our
opinion, the company has not accepted any public deposits so far up to
31st March 2DID
B. In our opinion, the Company has an internal audit system
commensurate with size and nature of its business.
7. According to the records of the Company, the Company is regular in
depositing with appropriate authorities undisputed statutory dues on
account of income tax. The liability of Provident Fund. Labour Welfare
Fund, and Employees State Insurance. Wealth tax. Custom Duty. Cess.
Service Tax and other statutory dues are not applicable to the Company.
8. According to the records and as per the information and
explanations given to us thereon, no material undisputed amounts
towards statutory payments are outstanding as at 31st March 2DI0
9. According to the records and as per the information and explanation
given to us no disputed amounts are outstanding as payable by the
Company.
10.. There are no accumulated losses as at 31st March 2010. The Company
has not incurred any cash loss during the year under audit.
11. The Company has not borrowed any funds from any Financial
Institution. In view of the same reporting on regularity in repayment
of dues to a Financial Institution. Bank or debenture holders do not
arise.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
In the absence of any such loans granted the question of reporting on
the terms and conditions thereof, does not arise.
13. The Company is not a chit fund, nidhi / mutual benefit fund and
therefore the requirements pertaining to such class of companies are
not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from Bank or Financial Institutions.
16. The Company has not taken new term loans during the year under
consideration. In the absence of the same reporting on its utilization
does not arise.
17. The Company has not utilized its Short-term funds for long-term
investments.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act.
19. During the year covered by our audit, the Company has not issued
debentures. The question of creating any security against debentures
does not arise.
20. In the absence of any public issue made during the year under
consideration, the question of verifying the application of money
raised by public issue does not arise.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of audit.
For Hemant Merchant &
Co Chartered Accountants
Sd /-
Hemant Merchant
Proprietor
Membership No.: 33805
Place : Mumbai
Date : 09/07/2010