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Auditor Report of Aravali Securities & Finance Ltd.
Mar 31, 2025
We have audited the accompanying Ind AS financial statements of ARAVALI SECURITIES & FINANCE LIMITED (''''the
Company"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss including other
comprehensive income, Statement of Changes in Equity and the Statement of Cash Flow for the year then ended, and notes
to the Ind AS financial statements, including a summary of material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial
statements give the information required by the Companies Act, 2013, â(the Actâ) 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 March 31, 2025, and, its loss including other comprehensive income its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities
for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
the Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS
financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Other Information
The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Corporate
Governance and Shareholder''s Information, but does not include the Ind AS financial statements and our Auditor''s Report
thereon.
Our opinion on the Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other information and, in doing
so, consider whether such other information is materially inconsistent with the Ind AS financial statements, or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Management''s Responsibility for the 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 and presentation of these 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 Accounting Standards
specified under Section 133 of the Act, read with the 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 Ind AS
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, Board of Directors is responsible for assessing the Company''s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
Those Board of Directors is also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion
on whether the company has adequate internal financial controls system in place and the operating effectiveness of such
controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management and Board of Directors.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor''s report to the related disclosures in the Ind AS financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Ind AS financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order'''') issued by the Central Government in
terms of sub- section (11) of Section 143 of the Act, we give in the ''Annexure A'' statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.
2. As required under the provisions of Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit:
b. In our opinion proper books of account as required by law have been kept by the Company so far as appears
form our examination of those books:
c. The Balance Sheet, the Statement of Profit and Loss, including other comprehensive income, the Statement of
Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account:
d. In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under
Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by
the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of internal financial controls over financial reporting of the Company with reference
to these Ind AS financial statements and the operating effectiveness of such controls, refer to our separate report
in ''Annexure-B'';
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company;
iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No
32(vi) to the Financial Statements, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate
Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note
No 32(vii) to the Financial Statements, no funds have been received by the Company from any person(s)
or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party âUltimate
Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer
Note 56b to the financial statements); and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (a)
and (b) contain any material misstatement.
v. The Company has not declared and paid dividend during the year.
vi. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course
of our audit, we did not come across any instances of audit trail feature being tampered with for the period
where audit trail is enabled and operated. Additionally, the audit trail has been preserved by the Company as
per the statutory requirements for record retention.
h. The Company has not paid/ provided for managerial remuneration during the year.
For Rajan Goel & Associates
Chartered Accountants
(Firms Regn.No.004624N)
Place: Gurgaon
Date: 23rd May, 2025 Rajan Kumar Goel
Proprietor
Membership No. 083829
UDIN:25083829BMNXKK5152
Mar 31, 2024
Aravali Securities & Finance Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying Ind AS financial statements of ARAVALI SECURITIES & FINANCE LIMITED (''''the Company"), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss including other comprehensive income, the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the Ind AS financial statements, including a summary of material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013, â(the Actâ) 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 March 31, 2024, and, its loss including other comprehensive income its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Ind AS financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Corporate Governance and Shareholder''s Information, but does not include the Ind AS financial statements and our Auditor''s Report thereon.
Our opinion on the Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the Ind AS financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the 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 and presentation of these 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 Accounting Standards specified under Section 133 of the Act, read with the 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, Board of Directors is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors is also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order'''') issued by the Central Government in terms of sub- section (11) of Section 143 of the Act, we give in the ''Annexure A'' statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required under the provisions of Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit:
b. In our opinion proper books of account as required by law have been kept by the Company so far as appears form our examination of those books:
c. The Balance Sheet, the Statement of Profit and Loss, including other comprehensive income, the Statement of Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account:
d. In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of internal financial controls over financial reporting of the Company with reference to these Ind AS financial statements and the operating effectiveness of such controls, refer to our separate report in ''Annexure-B'';
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company;
iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in
the Note No 33(vi) to the Financial Statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No 33(vii) to the Financial Statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 56b to the financial statements); and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared and paid dividend during the year.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from 1st April, 2023. During the year the Company has migrated to the Audit Trail Software and is in process of establishing the necessary controls and documentation regarding audit trail.
h. The Company has not paid/ provided for managerial remuneration during the year.
For Rajan Goel & Associates Chartered Accountants (Firms Regn.No.004624N)
Place: Gurgaon sd/-
Date: 23rd May, 2024 Rajan Kumar Goel
Proprietor Membership No. 083829 UDIN:24083829BKCQGO6838
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of ARAVALI
SECURITIES & FINANCE LIMITED (The Company"), which comprise the Balance
Sheet as at 31 st March, 2015 and the statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (''the Act'') with respect
to the preparation and presentation of these 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 financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2015 ("the
Order") issued by the Central Government in terms of sub-section (11)
of Section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required under the provisions of Section 143(3) of the Act, we
report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit:
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears form 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 Cash Flow Statement comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on 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; and
f. With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i The Company does not have any pending litigations which would impact
its financial position except the sales tax liablity pending in
appeals/ rectification of Rs. 160969, as refered in note 1.9
ii The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iil There has been no delay in transferring amounts, required to be
transferred, to the investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 of Report on Other Legal and Regulatory
Requirements of our report of even date to the members of
Aravali Securities & Finance Limited as at and for the year ended 31st
March, 2015)
i. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its
fixed assets.
b. The fixed assets of the Company were physically verified by the
management during the year. In our opinion, frequency of physical
verification is reasonable having regard to the size of the operation
of the Company, n the basis of explanation received, in our opinion, no
discrepancy between the book records and physical inventory has been
noticed in respect of assets physically verified.
ii. a. As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals. In our
opinion, having regard to the nature of stocks, the frequency is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of records of inventories, in our
opinion, the Company has maintained proper records of its inventories
and no material discrepancy was noticed on physical verification except
to the extent of shares not registered in the name of the Company as
mentioned in Note 11.
iii a. The Company has given loan to a Company covered in the register
maintained under Section 189 of the Companies Act, 2013.
b In the case of the loans granted to the bodies corporate listed in
the register maintained under section 189 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the
Order is not applicable to the Company in respect of repayment of the
principal amount.
c There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the bodies corporate isted in the register
maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor we have been informed of any instance of major weaknesses in the
aforesaid internal control systems.
v. As informed, the Company has not accepted any deposits from the
public.
vi. The Central Government has not prescribed maintenance of the cost
records under section 148(1) of the Companies Act, 2013 in respect of
any of the company''s activities.
vii. a. According to the information and explanations given to us and
the books and records as produced and examined by us, in our opinion,
the undisputed statutory dues including in respect of provident fund,
employees'' state insurance, income- tax, sales tax, wealth tax, service
tax, customs duty, excise duty, value added tax, cess and other
statutory dues as applicable have been regularly deposited by the
Company during the year with the appropriate authorities. There were no
undisputed statutory dues as at the last day of the financial year
outstanding for a period of more than six months from the date they
became payable.
b. According to the records of the company, there were no dues of
income tax, wealth tax, service tax, custom duty, excise duty, value
added tax, cess which have not been deposited on account of disputes.
The particulars of dues of sales tax as at 31st March, 2015 which have
not been deposited on account of disputes are as under:
Name of Period Amount under Forum before whom pending
the dues dispute not
yet deposited
Sales Tax Financial year Asst. Commissioner
1984-85,1985-86, Rs. 1,60,969 of Sales Tax
2000- 01 and (Appeals) Delhi
2001- 02
viii. The Company losses as at 31st March, 2015 are less than fifty
percent of its net worth. The Company has incurred cash losses in the
financial year covered by our audit but has not incurred cash losses in
the immediately preceding financial year
ix. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year except sum of
Rs. 142000 received from Fully Convertible partly paid up Debentures
which were convertible into fully paid up equity shares and which have
not been converted pending allotment money in arrears, as mentioned in
Note 1.2 & Note 4.
x. The Company has not given any guarantee for loans taken by others
from bank or financial institutions except those mentioned in Note 8.
xi The Company did not have any term loans outstanding during the year.
xii. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For SALARPURIA & PARTNERS
CHARTERED ACCOUNTANTS
(Registration No.302113E)
Sd/-
KAMAL KUMAR GUPTA
Place: Camp Gurgaon PARTNER
Date:21 st May,2015 MembershipNo.89190
Mar 31, 2014
We have audited the accompanying financial statements of ARAVALI
SECURITIES & FINANCE LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 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 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
Accountant 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 the management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014; and
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003 ("the
Order") issued by the Central Government 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 under the provisions of 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 form 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
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Act.
e. On the basis of written representations received from the Directors
as on 31st March, 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March 2014, from being
appointed as a Director in terms of clause (g) of sub-section (1) of
Section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 of Report on Other Legal and Regulatory
Requirements of our report of even date to the members of Aravali
Securities & Finance Limited as at and for the year ended 31st March,
2014)
i. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b. The fixed assets of the Company were physically verified by the
management during the year. In our opinion, frequency of physical
verification is reasonable having regard to the size of the operation
of the Company. On the basis of explanation received, in our opinion,
no discrepancy between the book records and physical inventory has been
noticed in respect of assets physically verified.
c. During the year, the Company has not disposed off a substantial
part of its fixed assets.
ii. a. As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals. In our
opinion, having regard to the nature of stocks, the frequency is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of records of inventories, in our
opinion, the Company has maintained proper records of its inventories
and no material discrepancy was noticed on physical verification except
to the extent of shares not registered in the name of the Company as
mentioned in Note No 11.
iii a. The Company has taken loan from a Company, covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 25 Lacs and the balance
outstanding at the close of the year is Rs.25 Lacs.
The rate of interest and other terms and conditions of the loan are, in
our opinion prima facie not prejudicial to the interest of the Company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
b. The Company has given loan to a Company covered in the register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 100.05 Lacs and the balance
outstanding at the close of the year is Rs. 50.00Lacs.
In our opinion, the rate of interest and other terms and conditions of
loans given by the company are prima facie not prejudicial to the
interest of the Company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
There is no overdue amount of loans granted to the companies, listed in
the register maintained under section 301 of the Companies Act, 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor we have been informed of any instance of major weaknesses in the
aforesaid internal control systems.
v. a. According to the information and explanations given to us, the
contracts or arrangements that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding the value of five lacs rupees in respect of any
party entered into during the year are at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. As informed, the Company has not accepted any deposits from the
public.
vii. In our Opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. The Central Government has not prescribed maintenance of the
cost records under section 209(1) (d) of the Companies Act, 1956 in
respect of any of the company''s activities.
ix. a. According to the information and explanations given to us and
the books and records as produced and examined by us, in our opinion,
the undisputed statutory dues including in respect of provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales tax, wealth tax, service tax, customs duty, excise
duty, cess and others as applicable have been regularly deposited by
the Company during the year with the appropriate authorities. There
were no undisputed statutory dues as at the last day of the financial
year outstanding for a period of more than six months from the date
they became payable.
b. According to the records of the company, there were no dues of
income tax, wealth tax, service tax, custom duty, excise duty, cess
which have not been deposited on account of disputes. The particulars
of dues of sales tax as at 31st March 2014 which have not been
deposited on account of disputes are as under:
Name of the dues Period Amount under dispute not
yet deposited
Sales Tax Financial year Rs. 1,60,969
1984-85, 1985-86,
2000-01 and 2001-02
Name of the Dues Forum before whom pending
Sales TAx Asst. Commissioner
of Sales Tax (Appeals) Delhi
x. The Company losses as at 31st March 2014 are less than fifty percent
of its net worth. The Company has not incurred cash losses in the
financial year covered by our audit but has incurred cash losses in the
immediately preceding financial year.
xi. No default in repayment of dues to financial institutions or banks
or debenture holders occurred during the year under review.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to chit fund,
nidhi/mutual benefit fund/societies as specified under clause (xiii) of
paragraph 4 of the Order are not applicable to this Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
transactions and contracts for dealing in shares, securities and other
investments and has made timely entries therein. The company is holding
all the shares, securities and other investments in its own name except
to the extent mentioned in Note No 11.
xv. The Company has not given any guarantee for loans taken by others
from bank or financial institutions except those mentioned in Note No
8.
xvi. The Company has not taken any term loans during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term uses of funds,
we are of the opinion, that prima facie funds raised on short term
basis have not been utilised for long term purposes during the year.
xviii. According to the information and explanations given to us,
during the year under report, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report.
xx. During the period under report, the Company has not raised any
money by public issue.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For SALARPURIA & PARTNERS
Chartered Accountants
(Registration No. 302113E)
Sd/-
KAMAL KUMAR GUPTA
Place : Camp Gurgaon Partner
Dated :28th May, 2014. Membership No. 89190
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ARAVALI
SECURITIES & FINANCE LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2013 and the statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of Section
211 of the Companies Act, 1956("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountant 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 the management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013; and
(b) In the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order,2003 ("the
Order") issued by the Central Government 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 under the provisions of 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 form 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
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Act.
e. On the basis of written representations received from the Directors
as on 31st March, 2013 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March 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 INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph (1) of Report on Other Legal and Regulatory
Requirements of our report of even date to the members of Aravali
Securities & Finance Limited as at and for the year ended 31st March,
2013)
i. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b. The fixed assets of the company were physically verified by the
management during the year. In our opinion, frequency of physical
verification is reasonable having regard to the size of the operation
of the company. On the basis of explanation received, in our opinion,
no discrepancy between the book records and physical inventory has been
noticed in respect of assets physically verified.
c. During the year, the Company has not disposed off a substantial
part of its fixed assets.
ii. a. As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals. In our
opinion, having regard to the nature of stocks, the frequency is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of records of inventories, in our
opinion, the Company has maintained proper records of its inventories
and no material discrepancy was noticed on physical verification except
to the extent of shares not registered in the name of the company as
mentioned in Note No 12.
iii a. The Company has taken loan from a company, covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 25 Lacs and the balance
outstanding at the close of the year is Rs.25 Lacs.
The rate of interest and other terms and conditions of the loan are, in
our opinion prima facie not prejudicial to the interests of the
company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
b. The Company has given loans to Companies covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 346.08 Lacs and the balance
outstanding at the close of the year is Rs. 96.08Lacs.
In our opinion, the rate of interest and other terms and conditions of
loans given by the company are prima facie not prejudicial to the
interests of the company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
There is no overdue amount of loans granted to the Companies, listed in
the register maintained under section 301 of the Companies Act, 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor we have been informed of any instance of major weaknesses in the
aforesaid internal control systems.
v. a. According to the information and explanations given to us, the
contracts or arrangements that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding the value of five lacs rupees in respect of any
party entered into during the year are at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. As informed, the Company has not accepted any deposits from the
public.
vii. In our Opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. The Central Government has not prescribed maintenance of the cost
records under section 209(1) (d) of the Companies Act, 1956 in respect
of any of the company''s activities.
ix. a. According to the information and explanations given to us and
the books and records as produced and examined by us, in our opinion,
the undisputed statutory dues including in respect of provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales tax, wealth tax, service tax, customs duty, excise
duty, cess and others as applicable have been regularly deposited by
the Company during the year with the appropriate authorities. There
were no undisputed statutory dues as at the last day of the financial
year outstanding for a period of more than six months from the date
they became payable.
b. According to the records of the company, there were no dues of
income tax, wealth tax, service tax, custom duty, excise duty, cess
which have not been deposited on account of disputes. The particulars
of dues of sales tax as at 31st March 2013 which have not been
deposited on account of disputes are as under:
Name of the
dues Period Amount under
dispute not Forum before whom
pending
yet deposited
Sales Tax Financial year Rs. 1,60,969 Asst. Commissioner
1984-85, 1985-86, of Sales Tax
(Appeals) Delhi
2000-01 and 2001-02
x. The company''s losses as on 31st March 2013 are less then fifty
percent of its net worth. The company has incurred cash losses in the
financial year covered by our audit as well as in the immediately
preceding financial year.
xi. No default in repayment of dues to financial institutions or banks
or debenture holders occurred during the year under review.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to chit fund,
nidhi/mutual benefit fund/societies as specified under clause (xiii) of
paragraph 4 of the Order are not applicable to this Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
transactions and contracts for dealing in shares, securities and other
investments and has made timely entries therein. The company is holding
all the shares, securities and other investments in its own name except
to the extent mentioned in Note No 12.
xv. The Company has not given any guarantee for loans taken by others
from bank or financial institutions except those mentioned in Note No
8.
xvi. The Company has not taken any term loans during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the financial statements of the company and
after placing reliance on the reasonable assumptions made by the
company for classification of long term and short term uses of funds,
we are of the opinion, that prima facie funds raised on short term
basis have not been utilised for long term purposes during the year.
xviii. According to the information and explanations given to us,
during the year under report, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report.
xx. During the period under report, the Company has not raised any
money by public issue.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For SALARPURIA & PARTNERS
Chartered Accountants
(Registration No. 302113E)
sd/-
KAMAL KUMAR GUPTA
Place : Camp Gurgaon Partner
Dated :29th May 2013. Membership No. 89190
Mar 31, 2012
1. We have audited the attached Balance Sheet of ARAVALI SECURITIES &
FINANCE LIMITED, as at 31st March, 2012 and the related Profit and Loss
Account and Cash Flow Statement for the year ended on that date annexed
thereto. These _ financial statements are the responsibility of the
Company''s management. Our responsibility is to express an opinion on
these financial statements based on our audit. ''
2. We have 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 (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 (the ''Act'') we give in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31 st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being , appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial . statements read
together with the Notes thereon appearing in Note No. 1 give in the
prescribed manner the information required by the Act, and give a true
and fair view in conformity with the accounting principles generally
accepted in India;
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
(b) in the case of the Profit and Loss Account, of the Loss of the
company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the Cash Flows of the
company for the year ended on that date.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph (3) of our report of even date to the members
of Aravali Securities & Finance Limited as at and for the year ended
31st March, 2012)
i. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b. The fixed assets of the company were physically verified by the
management during the year. In our opinion, frequency of physical
verification is reasonable having regard to the size of the operation
of the company. On the basis of explanation received, in our opinion,
no discrepancy between the book records and physical inventory has been
noticed in respect of assets physically verified.
c. During the year, the Company has not disposed off a substantial
part of its fixed assets.
ii. a. As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals. In our
opinion, having regard to the nature of stocks, the frequency is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of records of inventories, in our
opinion, the Company has maintained proper records of its inventories
and no material discrepancy was noticed on physical verification except
to the extent of shares not registered in the name of the company as
mentioned in Note No 12.
iii a. The Company has taken loan from a company, covered in the
register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 25
Lacs and the balance outstanding at the close of the year is Rs.25
Lacs.
The rate of interest and other terms and conditions of the loan are, in
our opinion prima facie not prejudicial to the interests of the
company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
h The Company has given loans to a company covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 85.50 Lacs and the balance
outstanding at the close of the year is Rs. 85.50 Lacs.
In our opinion, the rate of interest and other terms and conditions of
loans given by the company are prima facie not prejudicial to the
interests of the company.
The payment of principal amount and interest in respect of such loan
are as per stipulations.
There is no overdue amount of loans granted to the company, listed in
the register maintained under section 301 of the Companies Act, 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor we have been informed of any instance of major weaknesses in the
aforesaid internal control systems.
v. a. According to the information and explanations given to us, the
contracts or arrangements that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding the value of five lacs rupees in respect of any
party entered into during the year are at prices which are reasonable
having regard to the prevailing market prices at the relevant time. ^
vi. As informed, the Company has not accepted any deposits from the
public. j
vii. In our Opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. The Central Government has not prescribed maintenance of the
cost records under section 209(1) (d) of the Companies Act, 1956 in
respect of any of the company''s activities.
ix. a. According to the information and explanations given to us and
the books and records as produced and examined by us, in our opinion,
the undisputed statutory dues including in respect of provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales tax, wealth tax, service tax, customs duty, excise
duty, cess and others as applicable have been regularly deposited by
the Company during the year with the appropriate authorities. There
were no undisputed statutory dues as at the last day of the financial
year outstanding for a period of more than six months from the date
they became payable.
b. According to the records of the company, there were no dues of
income tax, wealth tax, service tax, custom duty, excise duty, cess
which have not been deposited on account of disputes. The particulars
of dues of sales tax as at 31st March 2012 which have not been
deposited on account of disputes are as under:
Name of
the dues Period Amount
under
dispute
not Forum before whom pending
yet
deposited
Sales Tax Financial year Rs. 1,60,969 Asst. Commissioner
1984-85,1985-86, of Sales Tax (Appeals)
Delhi
2000-01 and 2001-02
x. The accumulated losses as at 31st March 2012 are less then fifty
percent of its networth. The company has incurred cash losses in the
financial year covered by our audit as well as in the immediately
preceding financial year. |
xi. No default in repayment of dues to financial institutions or banks
or debenture holders occurred during the year under J review.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to chit fund,
nidhi/mutual benefit fund/societies as specified under clause (xiii) of
paragraph 4 of the Order are not applicable to this Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
transactions and contracts for dealing in shares, securities and other
investments and has made timely entries therein. The company is holding
all the shares, securities and other investments in its own name except
to the extent mentioned in Note No. 12.
xv. The Company has not given any guarantee for loans taken by others
from bank or financial institutions except those mentioned in Note No.
8.
xvi. The Company has not taken any term loans during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the financial statements of the company and
after placing reliance on the reasonable assumptions made by the
company for classification of long term and short term uses of funds,
we are of the opinion, that prima facie funds raised on short term
basis amounting to Rs 739.06 lacs have been utilised for long term
purposes during the year.
xviii. According to the information and explanations given to us,
during the year under report, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report.
xx. During the period under report, the Company has not raised any
money by public issue.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For SALARPURIA & PARTNERS
Chartered Accountants
(Registration No. 302113E)
KAMAL KUMAR GUPTA
Place : Camp Gurgaon Partner
Dated : 14th August 2012. Membership No. 89190
Mar 31, 2010
1. We have audited the attached Balance Sheet of ARAVALI SECURITIES &
FINANCE LIMITED, as at 31st March, 2010 and the related Profit and Loss
Account and Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We have 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 (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of subsection (4A) of
section 227 of the Companies Act, 1956 (the Act). We give in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31 st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the Notes thereon appearing in Schedule - 12 give in the
prescribed manner the information required by the Act, and give a true
and fair view in conformity with the accounting principles generally
accepted in India;
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
(b) in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to in paragraph (3) of our report of even date to the members
of Aravali Securities & Finance Limited as at and for the year ended
31st March, 2010)
i. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b. The fixed assets of the company were physically verified by the
management during the year. In our opinion, frequency of physical
verification is reasonable having regard to the size of the operation
of the Company. On the basis of explanation received, in our opinion,
no discrepancy between the book records and physical inventory has been
noticed in respect of assets physically verified.
c. During the year, the Company has not disposed off a substantial
part of its fixed assets.
ii. a. As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals. In our
opinion, having regard to the nature of stocks, the frequency is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. On the basis of our examination of records of inventories, in our
opinion, the Company has maintained proper records of its inventories
and no material discrepancy was noticed on physical verification except
to the extent of shares not registered in the name of the Company as
mentioned in Schedule 6.
iii a. The Company has not taken any loans from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956.
b. The Company has given loans to parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 566.46 Lacs and the balance
outstanding at the close of the year is Rs.546.34 Lacs.
c. In our opinion, the rate of interest and other terms and conditions
of loans given by the Company are prima facie not prejudicial to the
interests of the Company.
d. The parties have repaid part of the principal amount and interest.
e. There is no overdue amount of loans granted to the company, listed
in the register maintained under section 301 of the Companies Act,
1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor we have been informed of any instance of major weaknesses in the
aforesaid internal control systems.
v. a. According to the information and explanations given to us, the
contracts or arrangements that need to be entered in the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding the value of five lacs rupees in respect of any
party entered into during the year are at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. As informed, the Company has not accepted any deposits from the
public.
vii. In our Opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. The Central Government has not prescribed maintenance of the
cost records under section 209(1) (d) of the Companies Act, 1956 in
respect of any of the companys activities.
ix. a. According to the information and explanations given to us and
the books and records as produced and examined by us, in our opinion,
the undisputed statutory dues including in respect of provident fund,
investor education and protection fund, employees state insurance,
income-tax, sales tax, wealth tax, service tax, customs duty, excise
duty, cess and others as applicable have been regularly deposited by
the Company during the year with the appropriate authorities. There
were no undisputed statutory dues as at the last day of the financial
year outstanding for a period of more than six months from the date
they became payable.
b. According to the records of the Company, there were no dues of
income tax, wealth tax, service tax, custom duty, excise duty, cess
which have not been deposited on account of disputes. The particulars
of dues of sales tax as at 31st March 2010 which have not been
deposited on account of disputes are as under:
Name of the
dues Period Amount under
dispute not Forum before whom
pending
yet deposited
Sales Tax Financial year Rs. 1,60,969 Asst. Commissioner
1984-85, 1985-86, of Sales Tax (App
eals) Delhi
2000-01 and
2001-02
x. The Company does not have accumulated losses at the end of the
year. The Company has not incurred cash losses in the financial year
covered by our audit and the immediately preceding financial year.
xi. No default in repayment of dues to financial institutions or banks
or debenture holders occurred during the year under review.
xii. The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
xiii. The provisions of any special statute applicable to chit fund,
nidhi/mutual benefit fund/societies as specified under clause (xiii) of
paragraph 4 of the Order are not applicable to this Company.
xiv. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
transactions and contracts for dealing in shares, securities and other
investments and has made timely entries there in. The company is
holding all the shares, securities and other investments in its own
name except to the extent mentioned in Schedule 6.
xv. The Company has not given any guarantee for loans taken by others
from bank or financial institutions except those mentioned in
Schedule-5.
xvi. The Company has not taken any term loans during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term uses of funds,
we are of the opinion, that prima facie no funds raised on short term
basis have been utilised for long term purposes during the year.
xviii. According to the information and explanations given to us,
during the year under report, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
xix. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report.
xx. During the period under report, the Company has not raised any
money by public issue.
xxi. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For SALARPURIA & PARTNERS
Chartered Accountants
(Registration No. 302113E)
KAMAL KUMAR GUPTA
Place : Camp Gurgaon Partner
Dated : 3rd September, 2010. Membership No. 89190
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