azure exim services limited azureeximservices@gmailcom cin: l74999mh1993plcl90019 forma 1. 2. 3. 4....
TRANSCRIPT
AZURE EXIM SERVICES LIMITED Regd Off 461 Nandan Arcade Kap Kaneri
Opposite State Bank of India Ashok Nagar Bhiwandi Thane - 421 302 Maharashtra
Tel 022 - 2281 91363020 9136 Email azureeximservicesgmaiLcom
CIN L74999MH1993PLCl90019
FORMA
1
2
3
4
Name of the Company
Annual financial statements for the year ended
Type of Audit observation
Frequency of observation
I Azure Exim Services Limited (Formerly known as Hindustan I
Continental Limited)
For the Financial Year ended 31st
March 2014
bull Un-qualified
Not Application
I
For Azure Exim Services Limited For Gupta Saharia amp Co Chartered Accountants Firm Reg No l03446W
DiJip Kumar Das (Suresh Saharia) Chairman of Audit Committee Partner
M No 040180
r
2844 3299 Phone 2844 3301
Gupta Saharia amp Co Chartered Accountants
AUDITORS CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
We have examined the compliance of the conditions of Corporate Governance by AZURE EXIM SERVICES LIMITED for the year ended 31sl March 2014 as stipulated in Clause 49 of the Listing Agreement ofthe said Company with the BSE Limited
The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance It is neither an audit nor an expression of opinion on the financial statements of the Company
In our opinion and to the best of our information and according to the explanations given to us we certifY that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conduct~d the affairs of the Company
For MIs Gupta Saharia amp Co Chartered Accountants
~ 3 CA Suresh Saharia p i Partner
Place Mumbai crvIembershlp No 040180 Date 30th May 2014 ~RN NOmiddot 0 ~ ttl b W
Head Office 4 Atlanta Evershine Nagar Malad (West) Mumbai - 400 064
Email scsahariayahoocomsureshsahariaguptasahariacom
Branches At Borivali bull Kolkata bull Website wwwguptasahariacom
II
------------------------------------------------------~------------~
2844 3299 Phone 2844 3301
Gupta Saharia amp Co Chartered Accountants
Independent Auditors Report
TO THE MEMBERS OF AZURE EXIM SERVICES LIMITED
Report on the Financial Statements We have audited the accompanying financial statements of Azure Exim Services Limited (the Company) which comprise the Balance Sheet as at March 31 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information
Managements Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 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 thatmiddot 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 auditors 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 Companys preparation and fair presentation of the fmancial 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 Companys 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 ~ basis for our audit opinion ~ ~ czoJ
~ MU AI middotmiddot
0- ()0 pInIOn ~ 0
In our opinion and to the best of our information and according to the explanations giv 18 e~p the financial statements give the information required by the Act in the manner so require
Head Office 4 Atlanta Evershine Nagar lVIalad (West) lVIumbai - 400 064
Email scsahariayahoocomsureshsahariaguptasahariacom
Branches At Borivali bull Kolkata bull Website wwwguptasahariacom
give a true and fair view in conformity with the accounting principles generally accepted in India (a) in the case ofthe Balance Sheet of the state of affairs of the Company as at March 312014 (b) in the case of the Profit and Loss Account ofthe loss for the year ended on that date (c) In the case ofthe 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 (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act 1956 we give in the Annexure a statement on the matters specified in paragraph 4 amp 5 of the middotorder
2 As required by Section 227(3) ofthe Act we report that shy
A We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purpose ofour 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 the books
BB Since the Company does not have any branches the report on the account ofthe Branch offices audited by other auditor uls 228(3)( c) of the Companies Act 1956 is not applicable
C The Balance Sheet Statement ofProfit 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 Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and
E On the basis of the written representations received from the directors as on 31 st 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 Section 274(1)(g) ofthe Act
L
Annexure to Auditors Report
Referred to in paragraph 2 of our report ofeven date
1 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
c) In our opinion the Company has not disposed of fixed assets during the year the going concern status of the company is not affected
~ 2 In respect of its inventories
The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable
3 In respect of loans secured or unsecured granted or taken by the Company tofrom the Companies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956
a) The Company has not accepted unsecured loans from members Directors amp their relatives
b) In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company
c) The Company has not granted any loan to any of the parties referred herein above
a) There is no overdue amount in respect ofloans taken by the Company
4 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory fixed assets and also for the sale of goods During the courses of our audit we have not observed any major weaknesses in internal controls ~
~ ~~l1 rr 5 In respect of transactions covered under Section 301 ofthe Companies Act 195 5~ ~~J
0 Mv - ()
a) In our opinion and according to the information and explanations given ~il$~~~ transactlOns made m pursuance of contracts or arrangements that neede~
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
2844 3299 Phone 2844 3301
Gupta Saharia amp Co Chartered Accountants
AUDITORS CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
We have examined the compliance of the conditions of Corporate Governance by AZURE EXIM SERVICES LIMITED for the year ended 31sl March 2014 as stipulated in Clause 49 of the Listing Agreement ofthe said Company with the BSE Limited
The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance It is neither an audit nor an expression of opinion on the financial statements of the Company
In our opinion and to the best of our information and according to the explanations given to us we certifY that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conduct~d the affairs of the Company
For MIs Gupta Saharia amp Co Chartered Accountants
~ 3 CA Suresh Saharia p i Partner
Place Mumbai crvIembershlp No 040180 Date 30th May 2014 ~RN NOmiddot 0 ~ ttl b W
Head Office 4 Atlanta Evershine Nagar Malad (West) Mumbai - 400 064
Email scsahariayahoocomsureshsahariaguptasahariacom
Branches At Borivali bull Kolkata bull Website wwwguptasahariacom
II
------------------------------------------------------~------------~
2844 3299 Phone 2844 3301
Gupta Saharia amp Co Chartered Accountants
Independent Auditors Report
TO THE MEMBERS OF AZURE EXIM SERVICES LIMITED
Report on the Financial Statements We have audited the accompanying financial statements of Azure Exim Services Limited (the Company) which comprise the Balance Sheet as at March 31 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information
Managements Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 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 thatmiddot 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 auditors 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 Companys preparation and fair presentation of the fmancial 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 Companys 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 ~ basis for our audit opinion ~ ~ czoJ
~ MU AI middotmiddot
0- ()0 pInIOn ~ 0
In our opinion and to the best of our information and according to the explanations giv 18 e~p the financial statements give the information required by the Act in the manner so require
Head Office 4 Atlanta Evershine Nagar lVIalad (West) lVIumbai - 400 064
Email scsahariayahoocomsureshsahariaguptasahariacom
Branches At Borivali bull Kolkata bull Website wwwguptasahariacom
give a true and fair view in conformity with the accounting principles generally accepted in India (a) in the case ofthe Balance Sheet of the state of affairs of the Company as at March 312014 (b) in the case of the Profit and Loss Account ofthe loss for the year ended on that date (c) In the case ofthe 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 (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act 1956 we give in the Annexure a statement on the matters specified in paragraph 4 amp 5 of the middotorder
2 As required by Section 227(3) ofthe Act we report that shy
A We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purpose ofour 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 the books
BB Since the Company does not have any branches the report on the account ofthe Branch offices audited by other auditor uls 228(3)( c) of the Companies Act 1956 is not applicable
C The Balance Sheet Statement ofProfit 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 Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and
E On the basis of the written representations received from the directors as on 31 st 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 Section 274(1)(g) ofthe Act
L
Annexure to Auditors Report
Referred to in paragraph 2 of our report ofeven date
1 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
c) In our opinion the Company has not disposed of fixed assets during the year the going concern status of the company is not affected
~ 2 In respect of its inventories
The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable
3 In respect of loans secured or unsecured granted or taken by the Company tofrom the Companies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956
a) The Company has not accepted unsecured loans from members Directors amp their relatives
b) In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company
c) The Company has not granted any loan to any of the parties referred herein above
a) There is no overdue amount in respect ofloans taken by the Company
4 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory fixed assets and also for the sale of goods During the courses of our audit we have not observed any major weaknesses in internal controls ~
~ ~~l1 rr 5 In respect of transactions covered under Section 301 ofthe Companies Act 195 5~ ~~J
0 Mv - ()
a) In our opinion and according to the information and explanations given ~il$~~~ transactlOns made m pursuance of contracts or arrangements that neede~
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
II
------------------------------------------------------~------------~
2844 3299 Phone 2844 3301
Gupta Saharia amp Co Chartered Accountants
Independent Auditors Report
TO THE MEMBERS OF AZURE EXIM SERVICES LIMITED
Report on the Financial Statements We have audited the accompanying financial statements of Azure Exim Services Limited (the Company) which comprise the Balance Sheet as at March 31 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information
Managements Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 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 thatmiddot 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 auditors 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 Companys preparation and fair presentation of the fmancial 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 Companys 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 ~ basis for our audit opinion ~ ~ czoJ
~ MU AI middotmiddot
0- ()0 pInIOn ~ 0
In our opinion and to the best of our information and according to the explanations giv 18 e~p the financial statements give the information required by the Act in the manner so require
Head Office 4 Atlanta Evershine Nagar lVIalad (West) lVIumbai - 400 064
Email scsahariayahoocomsureshsahariaguptasahariacom
Branches At Borivali bull Kolkata bull Website wwwguptasahariacom
give a true and fair view in conformity with the accounting principles generally accepted in India (a) in the case ofthe Balance Sheet of the state of affairs of the Company as at March 312014 (b) in the case of the Profit and Loss Account ofthe loss for the year ended on that date (c) In the case ofthe 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 (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act 1956 we give in the Annexure a statement on the matters specified in paragraph 4 amp 5 of the middotorder
2 As required by Section 227(3) ofthe Act we report that shy
A We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purpose ofour 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 the books
BB Since the Company does not have any branches the report on the account ofthe Branch offices audited by other auditor uls 228(3)( c) of the Companies Act 1956 is not applicable
C The Balance Sheet Statement ofProfit 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 Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and
E On the basis of the written representations received from the directors as on 31 st 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 Section 274(1)(g) ofthe Act
L
Annexure to Auditors Report
Referred to in paragraph 2 of our report ofeven date
1 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
c) In our opinion the Company has not disposed of fixed assets during the year the going concern status of the company is not affected
~ 2 In respect of its inventories
The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable
3 In respect of loans secured or unsecured granted or taken by the Company tofrom the Companies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956
a) The Company has not accepted unsecured loans from members Directors amp their relatives
b) In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company
c) The Company has not granted any loan to any of the parties referred herein above
a) There is no overdue amount in respect ofloans taken by the Company
4 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory fixed assets and also for the sale of goods During the courses of our audit we have not observed any major weaknesses in internal controls ~
~ ~~l1 rr 5 In respect of transactions covered under Section 301 ofthe Companies Act 195 5~ ~~J
0 Mv - ()
a) In our opinion and according to the information and explanations given ~il$~~~ transactlOns made m pursuance of contracts or arrangements that neede~
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
give a true and fair view in conformity with the accounting principles generally accepted in India (a) in the case ofthe Balance Sheet of the state of affairs of the Company as at March 312014 (b) in the case of the Profit and Loss Account ofthe loss for the year ended on that date (c) In the case ofthe 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 (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act 1956 we give in the Annexure a statement on the matters specified in paragraph 4 amp 5 of the middotorder
2 As required by Section 227(3) ofthe Act we report that shy
A We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purpose ofour 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 the books
BB Since the Company does not have any branches the report on the account ofthe Branch offices audited by other auditor uls 228(3)( c) of the Companies Act 1956 is not applicable
C The Balance Sheet Statement ofProfit 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 Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956 read with General Circular 152013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and
E On the basis of the written representations received from the directors as on 31 st 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 Section 274(1)(g) ofthe Act
L
Annexure to Auditors Report
Referred to in paragraph 2 of our report ofeven date
1 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
c) In our opinion the Company has not disposed of fixed assets during the year the going concern status of the company is not affected
~ 2 In respect of its inventories
The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable
3 In respect of loans secured or unsecured granted or taken by the Company tofrom the Companies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956
a) The Company has not accepted unsecured loans from members Directors amp their relatives
b) In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company
c) The Company has not granted any loan to any of the parties referred herein above
a) There is no overdue amount in respect ofloans taken by the Company
4 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory fixed assets and also for the sale of goods During the courses of our audit we have not observed any major weaknesses in internal controls ~
~ ~~l1 rr 5 In respect of transactions covered under Section 301 ofthe Companies Act 195 5~ ~~J
0 Mv - ()
a) In our opinion and according to the information and explanations given ~il$~~~ transactlOns made m pursuance of contracts or arrangements that neede~
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
L
Annexure to Auditors Report
Referred to in paragraph 2 of our report ofeven date
1 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
c) In our opinion the Company has not disposed of fixed assets during the year the going concern status of the company is not affected
~ 2 In respect of its inventories
The Company does not have any inventories accordingly clause (ii) of the paragraph 4 of the Order is not applicable
3 In respect of loans secured or unsecured granted or taken by the Company tofrom the Companies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956
a) The Company has not accepted unsecured loans from members Directors amp their relatives
b) In our opinion and according to the information and explanations given to us the rate of interest wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company
c) The Company has not granted any loan to any of the parties referred herein above
a) There is no overdue amount in respect ofloans taken by the Company
4 In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with size of the Company and nature of its business for the purchase of inventory fixed assets and also for the sale of goods During the courses of our audit we have not observed any major weaknesses in internal controls ~
~ ~~l1 rr 5 In respect of transactions covered under Section 301 ofthe Companies Act 195 5~ ~~J
0 Mv - ()
a) In our opinion and according to the information and explanations given ~il$~~~ transactlOns made m pursuance of contracts or arrangements that neede~
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
entered into in the register maintained under Section 301 of the Companies Act 1956 have been so entered
b) In our opinion and according to the information and explanation given to us there are no transactions in pursuance or contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 aggregation during the year to Rs 500000- (Five Lacs only) or more in respect of any party
6 The Company has not accepted any deposits from the public in contravention of Section 58A of the Companies Act
7 In our opinion the internal audit system of the Company is commensurate with its size and nature of its business
8 The Central Government has not prescribed maintenance of Cost Records under Section 209(1)( d) of the Companies Act 1956 in respect of manufacturing activities carried on by the Company
W 9 In respect of statutory dues
aj According to the records of the Company undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Customs Duty Excise Duty and other statutory dues have been generally regularly deposited with the appropriate authorities Except the case stated below there are no undisputed statutory dues payable which were outstanding at the end of the year for a period of more than six months from the date they become payableshy
Name of the statute Nature of the dues Amount The Income Tax Act 1961 IDS 4412shy
bj As informed to us the company does not have any disputed Statutory liabilities
~ 10 The Company has no accumulated losses and the Company has not incurred cash losses during the financial year and in the immediately preceding financial year covered by our audit
11 Based on our audit procedures and according to the information and explanation given to us we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions bank or debenture holders
12 In our opinion and according to the information and explanations given to us no loans and advances have been granted by the Company on the basis of security by way of pledge ofshares debentures and other securities
13 In our opinion the Company is not a chit fund or a nidhimQtual benefit fundsociety Therefore clause 4 (xiii) of the Companies (AuditorS Report) order 2003 ot
applicable to the Company tf~~~
t(t~QC~~~U6)A
middotmiddot Cpmiddot
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
In our opinion the Company has dealt in shares and proper records of the name have been kept by the Company
15 The Company has not given guarantees for loans taken by others from banks or financial institutions
16 The Company has not raised term loan from any financial institution
17 According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that the Company has not utilized short term funds towards repayment of long-term borrowing and acquisition of fixed assets
18 During the year the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956
19 The Company has not issued any debentures
20 During the Financial year the Company has not raised any money by public issues
21 In our opinion and according to the information and explanations given to the us no fraud on or by the Company has been noticed or reported during the year that caused the financial statements to be materially misstate
