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Auditor Report of Sarthak Global Ltd.
Mar 31, 2025
We have audited the accompanying standalone financial statements of Sarthak Global Ltd (herein referred to as âthe
Company"), which comprise the standalone balance sheet as at March 31,2025, and the standalone statement of Profit and
Loss (including other Comprehensive Income), the standalone statement of changes in equity and the standalone statement of
cash flows for the year then ended, and notes to the standalone 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 financial statements
give the information required by the Companies Act 2013 ("the Act") in the manner so required and give a true and fair view in
conformity with the Accounting Standards prescribed under section 133 of the Act and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31,2025 and its profits and other comprehensive income,
changes in equity and its cash flows for the year ended on that date.
BasisforOpinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) 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 Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical
requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and rules made
there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the standalone 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 standalone
financial statements of the current period. These matters are addressed in the context of our audit of the financial statements as a
whole and in formino our ooinion thereon, and we do not orovide a seoarate ODinion on these matters.
|
Key Audit Matters |
How the matter was addressed in our Audit |
|
I. investments in quoted equity instruments, unquoted equity The Company holds investments having carrying value of Rs 13 97 lakhs We have deeded this item as a key audit matter because the value of |
Our audit procedures included the following: s Understanding the Company''s processes and procedures for initial measurement s inspecting on sample basis documents for vacation and assessing the company''s |
Other Information
The Companyâs management and Board of Directors are responsible for the other information. The other information comprises
the information included in the Company''s annual report, but does not include the standalone financial statements and our
auditor''s report thereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and. in doing
so, consider whether the other information is materially inconsistent with the standalone 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 matenal misstatement of this other information, we are required to report that fact. We have nothing to report in this
regard.
Managementâs and Board of Directorsâ responsibilities for the Audit of the Standalone Financial Statements
The Company''s management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance, changes in equity 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 This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone financial statements that give a true and fair view and are free material
misstatement, whether due to fraud or error.
In prepanng the financial statements, management is responsible for assessing the companyâs ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the company or to cease operations, or has not realistic alternative to do so.
The Board of Directors are responsible for over viewing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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 the SAs will always
detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if.
individually or in aggregate, they could reasonably be expected to influence the economic decision of the users taken on the
basis of these standalone 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 risk of material misstatement of the standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3) of the Act. we are also responsible for expressing our opinion on
whether the Company has adequate internal financial control system in place and the operating effectiveness of such control.
⢠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 and Board of Director''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 âs 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 standalone 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 standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
⢠Obtain sufficient appropriate audit evidence regarding the financial information of the Company to express an opinion on the
financial statements
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial statements
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charge 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 though 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 standalone financial statements of the current penod and are therefore the key audit matters. We
describe these matters In our auditor''s report unless law or regulation preclude 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 section 143(3) of the Act. based on our audit, 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 accounts as required by law have been kept by the Company so far as it appears from our
examination of those books.
c) The standalone balance sheet, the standalone statement of Profit and Loss (including Other Comprehensive Income), the
standalone statement of changes in equity and the standalone statement of Cash Flows dealt with by this report are in
agreement with relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under
section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014.
e) On the basis of written representations received from the directors as on March 31.2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31.2025 from being appointed as a director in terms of section
164(2) of the Act.
f) With respect to adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate report in ''Annexure A''. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
2. 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 explanation given to us.
i. The Company has no pending litigations.
ii. The Company did not have any long-term contracts for which there were any material foreseeable losses.
iii. There is no amount 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 disdosed in notes 10(ii). 10(iii) and 10(iv)
and 35 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 persons or entities, including foreign entities
(''intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall:
⢠directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (âUltimate beneficiary") by or
on behalf of the company, or
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in note 35 to the financial
statements, no funds have been received by the company from any persons or entities, including foreign entities ("Funding
Parties''), with the understanding, whether recorded in writing or otherwise, that the company shall:
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by
or on behalf of the Funding Party, or
⢠provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries: and
(c) Based on such audit procedures as considered reasonable and appropnate in the circumstances, nothing has come to our
notice that has caused to us to believe that the representations under sub-clause (iv)(a) and (iv)(b) contain any material
misstatement.
v. The Company has not declared or paid any dividend during the year
vi. Based on our examination which included test checks and in accordance with the requirements of the Implementation Guide on
reporting of audit trail under rule 11(g) under tho Companies (Audit and auditors rule), 2014 the Company has used accounting
softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has
operated through out the year for all relevant transactions recorded in the respective softwares.
Further, we did not come across any instance of audit trail feature being tampered with during the course of our audit.
The backup of audit trail (edit log) has been maintained on the serves physically located in India as mentioned in note 36 to the
financial statements.
3. In our opinion and according to the information and explanations given to us. the remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of section 197 read with schedule V of the Act. The
remuneration paid to any director is not in excess of the limit laid under section 197 read v/ith schedule V of the Act,
4. As required by the Companies (Auditor''s Report) Order. 2016 ("the order") issued by the Central Government in terms of section
143 (11) of the Act, we give in âAnnexure B* a statement on the matters specified in paragraph 3 and 4 of the order, to the extent
applicable.
For Ashok Kumar Agrawal & Associates
Chartered Accountants
Firm Reg. No. 022522C
CA Ashok Kumar Agrawal
(Proprietor)
Place: Indore Membership No.: 071274
Date: 26''â May,2025 UDIN:25071274BMMJZM6157
Mar 31, 2024
We have audited the accompanying standalone financial statements of Sarthak Global Ltd (herein referred to as âthe Companyâ), which
comprise the standalone balance sheet as at March 31, 2024, and the standalone statement of Profit and Loss (including other
Comprehensive Income), the standalone statement of changes in equity and the standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including a summary of significant 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 financial statements give the
information required by the Companies Act 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the
Accounting Standards prescribed under section 133 of the Act and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31,2024 and its profits and other comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) 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 Standalone 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 (âICAIâ) together with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act and rules made there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone 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 standalone financial
statements of the current period. These matters are addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
|
Key Audit Matters |
How the matter was addressed in our Audit |
|
I. Investments in quoted equity instruments, unquoted equity The Company holds investments having carrying value of Rs 11.29 lakhs We have decided this item as a key audit matter because the value of |
Our audit procedures included the following: S Understanding the Company''s processes and procedures for initial measurement S Testing the design, implementation and operating effectiveness of Company''s S Inspecting on sample basis, documents for valuation, and assessing the company''s S Assessing the methods used to carry out initial and measurement and subsequent S Testing of cutoffs and performing analytical review procedures. S Checking completeness and accuracy of the data used by the Company for initial S Assessing of appropriateness of disclosures provided in the financial statements. |
Other Information
The Company''s management and Board of Directors are responsible for the other information. The other information comprises
the information included in the Company''s annual report, but does not include the standalone financial statements and our
auditor''s report thereon.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the standalone 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.
Managementâs and Board of Directorsâ responsibilities for the Audit of the Standalone Financial Statements
The Companyâs management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance, changes in equity 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. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone financial statements that give a true and fair view and are free material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the companyâs ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the company or to cease operations, or has not realistic alternative to do so.
The Board of Directors are responsible for over viewing the Companyâs financial reporting process.
Auditorâs Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditorâs 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 the SAs will always
detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decision of the users taken on the
basis of these standalone 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 risk of material misstatement of the standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal financial control system in place and the operating effectiveness of such control.
⢠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 managementâs and Board of Directorâs use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditorâs report to the related disclosures in the standalone 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 auditorâs 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 standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
⢠Obtain sufficient appropriate audit evidence regarding the financial information of the Company to express an opinion on the
financial statements
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charge 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 though 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 standalone financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditorâs report unless law or regulation preclude 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 section 143(3) of the Act, based on our audit, 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 accounts as required by law have been kept by the Company so far as it appears from our
examination of those books.
c) The standalone balance sheet, the standalone statement of Profit and Loss (including Other Comprehensive Income), the
standalone statement of changes in equity and the standalone statement of Cash Flows dealt with by this report are in
agreement with relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014,
e) On the basis of written representations received from the directors as on March 31,2024 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of section
164(2) of the Act.
f) With respect to adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate report in âAnnexure Aâ. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
2. 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 explanation given to us:
i. The Company has no pending litigations.
ii. The Company did not have any long-term contracts for which there were any material foreseeable losses.
iii. There is no amount 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 notes 5(ii), 9(ii), 9(iii) and 9(iv)
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 persons or entities, including foreign entities
(âintermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall :
⢠directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (âUltimate beneficiaryâ) by or
on behalf of the company, or
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in notes 5(ii), 9(ii) and 9(iii) to the
financial statements, no funds have been received by the company from any persons or entities, including foreign entities
(âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the company shall:
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (âUltimate Beneficiariesâ) by
or on behalf of the Funding Party, or
⢠provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused to us to believe that the representations under sub-clause (iv)(a) and (iv)(b) contain any material
misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination which included test checks and in accordance with the requirements of the Implementation Guide on
reporting of audit trail under rule 11(g) under the Companies (Audit and auditors rule), 2014 the Company has used accounting
softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has
operated through out the year for all relevant transactions recorded in the respective software.
Further, we did not come across any instance of audit trail feature being tampered with during the course of our audit.
The back up of audit trail (edit log) has been maintained on the serves physically located in India for the financial year ended 31*
March 2024.
3. In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of section 197 read with schedule V of the Act. The
remuneration paid to any director is not in excess of the limit laid under section 197 read with schedule V of the Act.
4. As required by the Companies (Auditor''s Report) Order, 2016 (âthe orderâ) issued by the Central Government in terms of section
143 (11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraph 3 and 4 of the order, to the extent
applicable.
For Avinash Agrawal & Co.
Chartered Accountants
(FR No. 022666C)
(CA Avinash Agrawal)
(Membership No. 410875)
Proprietor
UDIN: 24410875BKFPHV5959
Place: Indore
Date: 27/05/2024
Mar 31, 2015
We have audited the accompanying financial statements of Sarthak Global
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements to 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{The existing Accounting Standards
notified under section 211(3C) [Companies(Accounting Standards) Rules,
2006, as amended], shall continue to apply till the standards of
accounting or any addendum thereto are prescribed by the Central
Government in consultation and recommendation of the National Financial
Reporting Authority}. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
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 and the Rules made there under including the
accounting standards and matters which are required to be included in
the audit report.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
As required by 'the Companies (Auditor's Report) Order, 2015', issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act (hereinafter referred to as the "Order"), and on
the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 {The existing Accounting
Standards notified under section 211(3C) [Companies(Accounting
Standards) Rules, 2006, as amended], shall continue to apply till the
standards of accounting or any addendum thereto are prescribed by the
Central Government in consultation and recommendation of the National
Financial Reporting Authority}, Consequently, these financial
statements have been prepared to comply in all material aspects with
the above mentioned accounting standards and other relevant provisions
of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and belief
and according to the information and explanations given to us:
i) The Company does not have any pending litigations as at March 31,
2015 which would impact its financial position.
ii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
ended March 31, 2015.
Annexure to Independent Auditors' Report
Referred to in paragraph of Report on Other Legal and Regulatory
Requirements of the Independent Auditors' Report of even date to the
members of Sarthak Global Limited on the financial statements as of and
for the year ended March 31, 2015
i. (a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
(b) The fixed assets of the Company have been physically verified by
the Management during the year and no material discrepancies have been
noticed on such verification. In our opinion, the frequency of
verification is reasonable.
ii. (a) The inventory has been physically verified by the Management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
iii. The Company has granted unsecured loans, to three companies
covered in the register maintained under Section 189 of the Act.
(a) In respect of the aforesaid loans, the parties are repaying the
principal amounts, as stipulated, and are also regular in payment of
interest as applicable.
(b) In respect of the aforesaid loans, there is no overdue amount more
than Rupees One Lakh.
iv. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across, nor have been
informed of, any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v. The Company has not accepted any deposits from the public within
the meaning of Sections 73, 74, 75 and 76 of the Act and the rules
framed there under to the extent notified.
vi. The Central Government of India has not specified the maintenance
of cost records under sub- section (1) of Section 148 of the Act for
any of the products of the Company.
vii. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax, cess and other material statutory dues, as applicable, with the
appropriate authorities.
::2::
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-tax,
sales-tax, wealth-tax, service-tax, duty of customs, and duty of excise
or value added tax or cess which have not been deposited on account of
any dispute.
(c) There are no amounts required to be transferred by the Company to
the Investor Education and Protection Fund in accordance with the
provisions of the Companies Act, 1956 and the rules made there under.
viii. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
ix. As the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the balance
sheet date, the provisions of Clause 3(ix) of the Order are not
applicable to the Company.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
Accordingly, the provisions of Clause 3(x) of the Order are not
applicable to the Company
xi. The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the Order are not applicable to the
Company.
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For Rajendra Garg & Co.
Chartered Accountants
(Firm Reg. No. 005165C)
Rajendra Garg
Place : Indore Partner
Date : 29/05/2015 M.No. 74054
Mar 31, 2014
We have audited the accompanying financial Statements of Sarthak Global
Limited ("the company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards notified in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th 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 controls relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit, in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal controls relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also include evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our 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 March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and other Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. in our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from branches not visited by us.
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with books of
account.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956 read with the General Circular 15/2013
dated 13th September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013.
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of the
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms clause (g) of sub-section
(1) of section 274 of the Act.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the Act
nor has it issued any Rules under the said section, prescribing the
manner in which such cess is to be paid, no cess is due and payable by
the Company.
Annexure to Auditor''s Report
Referred to in paragraph 3 of the Auditor''s Report of even date to the
members of M/s SARTHAK GLOBAL LIMITED on the Financial Statement for
the year ending March 31, 2014
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
in previous year but there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification,
(c) During the year, the company has not disposed off substantial part
of fixed assets.
(ii) (a) The Company is acting as registrar & share ''transfer agent.
The Company has shares as stock in trade although no transactions of
Sales and Purchase in shares (stock in trade) was undertaken during the
year. As explained to us, inventories have been physically verified by
the management during the year. In our opinion the frequency of
verification is reasonable, having regard to the nature of business of
the company.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by ''the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining'' proper records of inventory.
No discrepancies were noticed on verification between the physical
stocks and the books records.
(iii) (a) According to the information and explanations given to us,
during the year, the company has granted unsecured loans to two
(previous year two) companies, covered in the register maintained under
section 301 of the Companies Act, 1956. The Maximum amount involved
during the year was Rs. 959.92 lakhs (Previous year Rs. 971.96 lakhs)
and the year-end balance of loans taken from such parties was Rs.
914.92 lakhs (Previous year Rs. 959.92 lakhs).
(b) In our opinion, loans have been given to companies or firm covered
in the register maintained under section 301 of the Companies Act, 1956
are unsecured and interest Âfree and there are no covenants with regard
to the repayment of the loan, hence to that extent it is prejudicial to
interest of the company. It was explained that the loan was given out
of interest free funds with the company.
(c) There is no receipts schedule for interest free loans given by the
company. Hence the provisions of clause 4(iii)(d) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company. .
(d) According to the information and explanations given to us, during
the year, the company has taken loan from three parties (previous year
two), unsecured from companies covered in the register maintained under
section 301 of the Companies Act, 1956. The Maximum amount involved
during the year was Rs. 433.02 lakhs (Previous year 429.00 lakhs) and
the year-end balance of loans taken from such parties was Rs. 429.86
laldis (Previous year 429.00 lakhs)
(e) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(f) There is no repayment schedule for interest free loans taken by the
company.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business, for
purchase of inventory and fixed assets and .for the sale ''of
shares/other securities and services. During the course of our audit,
no major weakness has been noticed in the internal control system.
(v) In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
(a) In our opinion and according to, the information and explanations
given to us, the transactions made in pursuance of 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 contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 were less than Rs. 5,00,000/- and were
accounted for on reasonable basis.
(vi) According to the information and explanations given to us and on
the basis of our checking during the course of audit, the company has
not accepted any deposits from the public during the year and
consequently, the directives issued by the Reserve Bank of India, the
provisions of section 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable.
(vii) In our ''opinion, the company does not have an internal audit
system.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act, 1956
as company is not engaged in business of production, processing,
manufacturing, or mining activities.
(ix) The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, service tax, cess and
other material statutory dues applicable to it.
(x) The company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated losses.
(xi) The company did not have any outstanding dues to any financial
institution; banks or debenture holders during the year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi or
mutual fund society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv) Proper and timely records of the transactions and contracts
relating to purchase and sale of shares, securities, debentures and
other investments have been maintained. These have been held by the
company in its own name.
(xv) The company has not given any guarantee for loan taken by others
during the years. Accordingly, the provisions of clause 4(xv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not obtained any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The company has not made any issue of shares during the year.
(xix) The company has not issued debentures during the year.
(xx) The company has not made any public issue during the year.
(xxi) Based upon audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK AGRAWAL
(PARTNER)
M.NO. 71274
Place: Indore
Date: 30.05.2014
Mar 31, 2013
We have audited accompanying financial statements of Sharthak Global
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2013 and Statement of Profit and Loss and Cash Flow for the year
then ended, and a summary of significant accounting policies and other
explanatory information, which we have signed under reference to this
report.
Management''s Responsibility for the Financial Statements
The company''s Management is responsible for the preparation of these
finacial statements that give a true and fair view of the finacial
postion and finacial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") and in
accordance with the accounting principle generally accepted in India.
This responsibility includes the design, implementation and maintenance
of internal controls relevant to the preparation and presentation of
the finacial statements that give a true and fair view and are free
from material misstatements, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these finacial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the finacial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the finacial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risks of material misstatement of the finacial 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 circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company''s internal
control. An audit also inclueds 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 finacial 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 said accounts give the information
required by the companies Act, 1956, in the manner so required give a
true and fair view in conformity with the accounting principles
generally accepted in India:-
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of the Statement of Profit and Loss, of the profit/loss
for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, 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
subsection (3C) of section 211 of the Companies Act, 1956; and
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditors'' Report
Referred to in paragraph 3 of the Auditors'' Report of even date to the
members of M/s SARTHAK GLOBAL LIMITED on the Financial Statement for
the year ending March 31, 2013.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets.
(ii) (a) The Company is acting as registrar & share transfer agent. The
Company has shares as stock in trade although no transactions of Sales
and Purchase in shares (stock in trade) was undertaken during the year.
As explained to us, inventories have been physically verified by the
management during the year. In our opinion the frequency of
verification is reasonable, having regard to the nature of business of
the company.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory. No
discrepancies were noticed on verification between the physical stocks
and the books records.
(iii) (a) According to the information and explanations given to us,
during the year, the company has granted unsecured loans to two
(previous year two) companies, covered in the register maintained under
section 301 of the Companies Act, 1956. The Maximum amount involved
during the year was Rs. 971.96 lakhs (Previous year Rs. 1039.96 lakhs)
and the year-end balance of loans taken from such parties was Rs.
959.92 lakhs (Previous year Rs. 979.96 lakhs).
(b) In our opinion, loans have been given to companies or firm covered
in the register maintained under section 301 of the Companies Act, 1956
are unsecured and interest free and there are no covenants with regard
to the repayment of the loan, hence to that extent it is prejudicial to
interest of the company. It was explained that the loan was given out
of interest free funds with the company.
(c) There is no receipts schedule for interest free loans given by the
company. Hence the provisions of clause 4 (iii) (d) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(d) According to the information and explanations given to us, during
the year, the company has taken loan from two parties (previous year
one) loan, unsecured from company covered in the register maintained in
the register under section 301 Companies Act, 1956. The Maximum amount
involved during the year was Rs. 429.00 lakhs. (Previous year 425.00
lakhs) and the year-end balance of loans taken from such parties was
Rs. 429.00 lakhs (Previous year 425.00 lakhs).
(e) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(f) There is no repayment schedule for interest free loans taken by the
company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, for
purchase of inventory and fixed assets and for the sale of shares/other
securities and services. During the course of our audit, no major
weakness has been noticed in the internal control system.
(v) On the basis of representation made by the management and scrutiny
of books of accounts carried out by us, the company did not entered
into any contract for the sale, purchase or supply of any goods,
material or services that need to be entered in the register in
pursuance of section 301 of the Companies Act, 1956. Hence the
provisions of clause 4(v)(b) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(vi) According to the information and explanations given to us and on
the basis of our checking during the course of audit, the company has
not accepted any deposits from the public during the year and
consequently, the directives issued by the Reserve Bank of India, the
provisions of section 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act, 1956
as company is not engaged in business of production, processing,
manufacturing, or mining activities.
(ix) The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, service tax, cess and
other material statutory dues applicable to it.
(x) The company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated losses.
(xi) The company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi or
mutual fund society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv) Proper and timely records of the transactions and contracts
relating to purchase and sale of shares, securities, debentures and
other investments have been maintained. These have been held by the
company in its own name.
(xv) The company has not given any guarantee for loan taken by others
during the years. Accordingly, the provisions of clause 4 (xv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not obtained any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we
report that no funds raised on short-term basis have been used for
long-term investment.
(xviii) The company has not made any issue of shares during the year.
(xix) The company has not issued debentures during the year.
(xx) The company has not made any public issue during the year.
(xxi) Based upon audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK AGRAWAL
M.NO. 71274
(PARTNER)
Place : Indore
Date : 30.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/S Sarthak Global
Limited, Mumbai, as at 31st March, 2012 and also the Profit and Loss
account and the cash flow statement of the Company for the year ended
on that date, annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India.
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 amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating, the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the annexure referred to above, we report
that: -
1. 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;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as appears from our examinations of
the books.
3. The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the Profit and Loss Account, Balance Sheet and Cash
Flow Statement dealt with by this report comply with the accounting
standards refereed to in Section 211 (3c) of the Companies Act, 1956 to
the extent applicable except our comments elsewhere in this report.
5. On the basis of written representations received from the directors
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.
6. In our opinion and to the best of our information and according to
explanations given to us and
7. The said accounts give the information required by the companies
Act, 1956 in the manner so required and subject to the accounting
policy adopted by the company and contained in Note no.2.05 and non
disclosure of information as required by AS 15 (Employees benefits)
issued by Central Government of India (amount not ascertained 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
compay as at 31st March, 2012,
(b) In the case of the profit and loss account, of the profit for the
year ended on that date; and
(c) In the case of cash flow statement, of the cash flows for the year
ended on that date.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets.
(ii) (a) The Company is acting as registrar & share transfer agent. The
Company has shares as stock in trade although no transactions of Sales
and Purchase in shares (stock in trade) was undertaken during the year.
As explained to us, inventories have been physically verified by the
management during the year. In our opinion the frequency of
verification is reasonable, having regard to the nature of business of
the company.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory. No
discrepancies were noticed on verification between the physical stocks
and the books records.
(iii) (a) According to the information and explanations given to us,
during the year, the company has granted unsecured loans to two (
previous year one ) companies, covered in the register maintained under
section 301 of the Companies Act, 1956. The Maximum amount involved
during the year was Rs. 1039.96 lakhs (Previous year Rs. 117.21 lakhs)
and the year-end balance of loans taken from such parties was Rs.
979.96 lakhs (Previous year Rs. 117.21 lakhs).
(b) In our opinion, loans have been given to companies or firm covered
in the register maintained under section 301 of the Companies Act, 1956
are unsecured and interest free and there are no covenants with regard
to the repayment of the loan, hence to that extent it is prejudicial to
interest of the company. It was explained that the loan was given out
of interest free funds with the company.
(c) There is no receipts schedule for interest free loans given by the
company. Hence the provisions of clause 4(iii)(d) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company. .
(d) According to the information and explanations given to us, during
the year company has taken one (previous year Nil) loan, unsecured from
company covered in the register maintained in the register under
section 301 of the Companies Act, 1956. The Maximum amount involved
during the year was Rs. 425.00 lakhs (Previous year Nil) and the
year-end balance of loans taken from such parties was Rs. 425.00 lakhs
(Previous year Nil).
(e) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(f) There is no repayment schedule for interest free loans taken by the
company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, for
purchase of inventory and fixed assets and for the sale of shares/other
securities and services. During the course of our audit, no major
weakness has been noticed in the internal control system.
(v) On the basis of representation made by the management and scrutiny
of books of accounts carried out by us, the company did not entered
into any contract for the sale, purchase or supply of any goods,
material or services that need to be entered in the register in
pursuance of section 301 of the Companies Act, 1956. Hence the
provisions of clause 4(v)(b) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(vi) According to the information and explanations given to us and on
the basis of our checking during the course of audit, the company has
not accepted any deposits from the public during the year and
consequently, the directives issued by the Reserve Bank of India, the
provisions of section 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act, 1956
as company is not engaged in business of production, processing,
manufacturing, or mining activities.
(ix) The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, service tax, cess and
other material statutory dues applicable to it.
(x) The company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated losses.
(xi) The company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi or
mutual fund society. Therefore, the provisions of clause 4(xiii) of
the Companies {Auditor''s Report) Order, 2003 are not applicable to
the company.
(xiv) Proper and timely records of the transactions and contracts
relating to purchase and sale of shares, securities, debentures and
other investments have been maintained. These have been held by the
company in its own name.
(xv) The company has not given any guarantee for loan taken by others
during the years. Accordingly, the provisions of clause 4(xv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not obtained any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The company has not made any issue of shares during the year.
(xix) The company has not issued debentures during the year.
(xx) The company has not made any public issue during the year.
(xxi) Based upon audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK AGRAWAL
M.NO. 71274
(PARTNER)
Place: Indore
Date: 03/09/2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/S Sarthe Global
Limited, Mumbai, as at 31st March,2011 and also the profit and Loss
account and the cash flow statement of the company for the year ended
on that date, annexed thereto. These financial statements are the
responsibility of the company's management. Out responsibility is to
express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material! misstatement. An audit includes
examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as wed as evaluating, the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in t-rams of Section 227(4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
Further to our comments in the annexure referred to above, we report
that: -
1. We have obtained all theft information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of
our audit;
2. in our opinion, proper books of accounts as required by law have
been kept by the Company, so far as appears from otter examinations of
the books. '
3. The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the Profit and Loss Account, Balance Sheet and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in Section 2ll(3c) of the Companies Act, 1956 to
the extent applicable except our comments elsewhere in this report.
5. On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2011, from being
appointed as a director in terms of clause (g) of sub-section (1) old
section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
explanations given to us and subject to non-provision towards
diminution in value of investments (amount not ascertained),on
provision of gratuity and non disclosure of information as required by
AS 15 (Employees benefits) issued by Central Government of India
(amount not ascertained) and note No. 3 of Notes on accounts under part
B of schedule 16 as under;
NOTE NO. 3: Regarding non-confirmation of balances from debtors,
creditors and liars and advance;
the said accounts tide the information required by the companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March, 2011,
(b) in the case of the profit and loss account, of the Profit for the
year ended on that date; and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
SARTAK GLOBAL LIMITED
Annexure to Auditors Report
Referred to in paragraph 3 of the Auditors' Report of even date to the
members of M/S SARTHAK GLOBAL LIMITED on the Financial Statement for
the year ending March 31.2011
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programmed of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets.
(ii) (a) The Company is acting as registrar & share transfer agent.
The Company has shares as stock in trade although no transactions of
Sales and Purchase in sharks(stock in trade) was undertaken during the
year. As explained to us, inventories have been physically verified by
the management during the year. in our opinion the frequency of
verification is reasonable, having regard to the nature of business of
the company.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the books records were not material and the same have been properly
dealt with in the books of accounts.
(iii) (a) According to the information and explanations given to us,
during the year, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained tinder section 301 of them. Companies Act, 1956. Therefore
clauses iii(b), iii(c) and iii(d) of paragraph 4 of the Order, are not
applicable.
(b) According to the information and explanations given to us, during
the year, the company has not taken any loans, secured or unsecured
from companies, firms or other parties covered in the register
maintained in the register under section 301 of the Companies Act,
1956. Therefore clauses iii(f) and iii(g) of paragraph 4 of the Order,
are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and 'he nature of its
business, for purchase of inventory and fixed assets and for the sale
of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system.
(v) (a) On the basis of representation made by the management and
scrutiny of books of accounts carried out by us, there was oil
information that need to be entered in the register in pursuance of
section 301 of the Companies Act, 1956. Therefore clauses v (b) of
paragraph 4 of the Order, are not applicable.
(vi) According to the information and explanations given to us and on
the basis of our checking during the course of audit, the company has
not accepted any deposits from the public during the year and
consequently, the directives issued by the Reserve Bank of India, the
provisions of section 58A and 58AA or any other relevant provisions of
tie Companies ac1, 1956 and the rules framed there under are not
applicable.
(vii) In our ( pinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us, the
Centre! Government has not prescribed maintenance of cost records
under clause (d) of sub-section (1) of section 209 of the Companies
Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
service tax, custom duty, cuss and other material statutory dues
applicable to it.
(b) According to information and explanations given to us, there are no
dues of sales tax, service tax, custom duty, and cuss which have not
been deposited on account of any dispute. Under income tax act demands
have been raised Rs. 485044/- relating to assessment year
2003-2004(penalty case) . The appeals are pending before The
Commissioner of Income Tax (A) Mumbai.
(x) The company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated losses.
(xi) The company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a niche or
mutual fund society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor's Report) Order, 2003 arc not applicable to the
company.
(xiv) Proper and timely records of the transactions and contracts
relating to purchase and sale of shares, securities, debentures and
other investments have been maintained. These have been held by the
company in its own name.
(xv) The company has not given any guarantee for loan taken by others
during the years. Accordingly, the provisions of clause 4(xv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not obtained any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The company has not made any issue of shares during the year.
(xix) The company has not issued debentures during the year.
(xx) The company has not made any public issue during the year.
(xxi) Based upon audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK Agawam
M.NO. 71274
(PARTNER)
Place: Indore
Date: 3rd September 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/S Sarthak Global
Limited, Mumbai, as at 31st March, 2010 and also the Profit and Loss
account and the cash flow statement of the Company for the year ended
on that date, annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordarjpe with auditing standards generally
accepted in India. Those standards require that we plajj 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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made1 by management, as well as evaluating, the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.-
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraph 4 ;.nd 5 of the said order.
Further to our comments in the annexure referred to above, we report
that: -
1. We. have obtained all the information and explanations, which to
the best of our knowledge and belief were nqpessary for the purposes of
our audit;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company, so far as appears from our examinations of
the books.
3. The Balance Sheet, the ProfiJ and Loss Account and Cosh Flow
Statement dealt with by this report are in agreement with the books of
account.
4. In our opinion, the Profit and Loss Account, Balance account
and Cash Flow Statement dealt with by this report comply with the
accounting standanded refereed to in Scction 21 l(3c) of the Companies
Apt, 1956 to the extent appl''cable except our comments elsewhere in
this report.
5. On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
(he 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.
6. In our opinion and to the best of our information and according to
explanations given to us and subject to non-provision towards
diminution in value of investments (amount not ascertained), non
provision of gratuity and non disclosure of information as required by
AS 15 (Employees benefits) issued by Central Government of India
(amount not ascertained) and note No. 3 of Notes on accounts under part
B of schedule 16 as under;
NOTE NO. 3: Regarding non-confirmation of balances from debtors,
creditors and loans and advances;
the said accounts give the information required by the companies Act,
1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March, 2010,
(b) in the case of the profit and loss account, of the Profit for the
year ended on that date; and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
M/S Sarthak Global Limited, Mumbai, as at 31st March, 2010 Annexure
referred to in paragraph 3 of our report of even date
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets.
(ii) (a) The Company is acting as registrar & share transfer agent. The
Company has shares as stock in trade although no transactions of Sales
and Purchase in shares was undertaken during the year. As explained to
us, inventories have been physically verified by the management during
the year. In our opinion the frequency of verification is reasonable,
having regard to the nature of business of the company.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the books records were not material and the same have been properly
dealt with in the books of accounts.
(iii) (a) According to the information and explanations given to us,
during the year, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore
clauses iii(b), iii(c) and iii(d) of paragraph 4 of the Order, are not
applicable.
(b) According to the information and explanations given to us, during
the year, the company has not taken any loans, secured or unsecured
from companies, firms or other parties covered in the register
maintained in the register under section 301 of the Companies Act,
1956. Therefore clauses iii(f) and iii(g) of paragraph 4 of the Order,
are not applicable.
(iv) in our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for purchase of inventory and fixed assets and for the sale
of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system.
(v) (a) On the basis of representation made by the management and
scrutiny of books of accounts carried out by us, there was on
information that need to be the register in pursuance of section 301 of
the Companies Act,1956. Therefore clauses v (b) of paragraph 4 of the
Order, are not applicable.
(vi) According to the information and explanations given to us and on
the basis of our checking during the course of audit, the company has
not accepted any deposits from the public during the year and
consequently, the directives issued by the Reserve Bank of India, the
provisions of section 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under are not
applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the, size and nature of its business.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (I) of section 209 of the Companies Act,
1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
service tax, custom duty, cess and other material statutory dues
applicable to it.
(b) According to information and explanations given to us, there are no
dues of sales tax, service tax, custom duty, and cess which have not
been deposited on account of any dispute. Under income tax act demands
have been raised Rs. 485044/- relating to assessment year 2003-2004 .
The appeals are pending before The Commissioner of Income Tax (A)
Mumbai.
(x) The company has not incurred any cash loss during the financial
year covered by our audit and the immediately preceding financial year
and has no accumulated losses.
(xi) The company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi or
mutual fund society, Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv). Proper and timely records of the transactions and contracts
relating to purchase and sale of shares, securities, debentures and
other investments have been maintained. These have been held by the
company in its own name.
(xv) The company has not given any guarantee for loan taken by others
during the years. Accordingly, the provisions of clause 4(xv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xvi) The company has not obtained any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment,
(xviii) The company has not made any issue of shares during the year.
(xix) The company has not issued debentures during the year.
(xx) The company has not made any public issue during the year.
(xxi) Based upon audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK AGRAWAL
M.NO. 71274
(PARTNER)
Place: Indore
Date: 04th September2010
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