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Auditor Report of Swarna Securities Ltd.
Mar 31, 2025
We have audited the accompanying standalone financial statements of M/s Swarna Securities
Limited ("theCompany"), which comprise the Balance Sheet as at 31st March, 2025, the Statement of
Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year
then ended, and a summary of the 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 standalone financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, and other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2025, and its profit, changes in equity and its cash flows for the year
ended on that date.
Basis for opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing
("SA"s) 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 ourreport. 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 the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that
the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Key Audit Matters
We have determined that there are no key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information
comprises the informationincluded in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report, BusinessResponsibility Report, Corporate Governance and
Shareholder''s Information, but does not include the standalone financialstatements and
ourauditor''s report thereon.
Ouropinion on the standalone financial statements does not cover the other information and we do
not express any form ofassurance conclusion thereon.
In connection with ouraudit of the standalone financial statements, ourresponsibility is to read the
other information and,in doing so, consider whether the other information is materially inconsistent
with the financial statements or ourknowledge obtained during the course of our audit or otherwise
appears to be materially misstated.
If, based on the work wehave performed, weconclude that there is a material misstatement of this
other information, we are required to report that fact. Wehave nothing to report in this regard.
Management''s Responsibilities for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to thepreparation of these standalone financial statements that give a true and fair
view of the financial position, financial performance, including other comprehensive income,
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards specified under section 133 of
the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing and
detectingfrauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimatesthat are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, thatwere operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparationand presentation
of the standalone financial statements that give a true and fair view and are free from material
misstatement,whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the
Company''s ability to continueas a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accountingunless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Ourobjectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to
issue an auditor''s report that includes our opinion. Reasonableassurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detecta material
misstatement when it exists. Misstatements can arise from fraud or error and areconsidered
material if, individuallyor in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of thesefinancial statements.
As part of an audit in accordance with SAs, weexercise professional judgment and maintain
professional scepticismthroughout the audit. Wealso:
⢠Identify and assess the risks 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 appropriateto provide a basis for ouropinion.
The risk of not detecting a material misstatement resulting from fraud is higher than forone
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the overrideof internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design
audit procedures that areappropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing ouropinionon whether the Company has adequate
internal financial controls system in place and the operating effectiveness of suchcontrols.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and relateddisclosures made by the management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting
and, based on the auditevidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt onthe Company''s ability to continue as a
going concern. If weconclude that a material uncertainty exists, we are required todraw
attention in our auditor''s report to the related disclosures in the standalonefinancial
statements or, if such disclosuresare 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 achievesfair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of theaudit and significant audit findings, including any significant deficiencies in
internal control that weidentify during our audit.
We also provide those charged with governance with a statement that wehave complied with
relevant ethical requirementsregarding independence, and to communicate with them all
relationships and other matters that may reasonably be thoughtto 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 significancein the audit of the financial
statements of the current period and are therefore the key audit matters. We describe these
matters in our auditor''s report unless law or regulation precludes public disclosure about the matter
or when, in extremelyrare circumstances, wedetermine that a matter should not be communicated
in our report because the adverse consequencesof doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of section 143(11) of the Companies Act, 2013, wegive in Annexure-
A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, wereport that:
(a) Wehave sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and
the Statement of Cash Flows dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid standalonefinancial statements comply with the Indian
Accounting Standards specified under section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31st March, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on 31stMarch,
2025 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to standalone
financial statements of theCompany and the operating effectiveness of such controls, refer to
our separate report inAnnexure-B. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company''s internal financial controls with
reference to Standalone Financial Statements.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with
the requirements of section 197(16) of the Act, as amended, according to the explanations
given to us and as per the records of the Company examined by us, we report that the
Company has not paid any remuneration to its directors during the year.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance
withRule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion
and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations as on 31st March, 2025 on its
financial position in its standalone financial statements. (Refer Item 7 of Significant
Accounting Policies & Notes on Accounts to the standalone financial statements).
ii. the Company does not have any long-term contracts including derivative contracts for
which there are any material foreseeable losses.
iii. there are no amounts which are 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, other
than as disclosed in the notes to the accounts, no funds have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person(s) or entity(ies), including
foreign entities (''Intermediaries''), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(b) The Management has represented that to the best of its knowledge and belief,no
funds have been received by the Company from any person(s) or entity(ies), including
foreign entities (''Funding Parties''), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
(c) Based on audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to ournotice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided at (a) and (b)
above, contain any material misstatement.
v. The Company has not declared or paid any dividends during the year and accordingly
reporting on the compliance with section 123 of the Companies Act, 2013 is not applicable
for the year under consideration.
vi. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with and the audit trail has
been preserved by the Company as per the statutory requirements for record retention.
PLACE: Vijayawada For SESHADRY & COMPANY
DATE: 07/05/2025 Chartered Accountants
UDIN: 25216211BMJGPU1305 FRN: 004993S
(L. S. RAJENDRA)
Partner
M.No.216211
Mar 31, 2024
SWARNA SECURITIES LIMITED.
Opinion
We have audited the accompanying financial statements of M/s Swarna Securities Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of the 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 Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2024, and its profit, changes in equity and its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing ("SA"s) 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 the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
We have determined that there are no key audit matters to communicate in our report. Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibilities for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, We are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the 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.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of section 143(11) of the Companies Act, 2013, we give in Annexure-
A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows 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.
(e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in
Annexure-B; and
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended, according to the explanations given to us and as per the records of the Company examined by us, we report that the Company has not paid any remuneration to its directors during the year.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations as on 31st March, 2024 on its financial position in its standalone financial statements. (Refer Item 8 of Significant Accounting Policies & Notes on Accounts to the standalone financial statements).
ii. the Company does not have any long-term contracts including derivative contracts for which there are any material foreseeable losses.
iii. there are no amounts which are 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, other
than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (''Intermediaries''), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(b) The Management has represented that to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (''Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared or paid any dividends during the year and accordingly reporting on the compliance with section 123 of the Companies Act, 2013 is not applicable for the year under consideration.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.
PLACE: Vijayawada For SESHADRY & COMPANY
DATE: 30/05/2024 Chartered Accountants
UDIN:24216211BKACGJ5433 FRN:004993S
LINGAMBHOTLA wagST" ~
SUBRAHMANYA
RAJENDRA
(L. S. RAJENDRA) Partner M.No.216211
Mar 31, 2015
We have audited the accompanying financial statements of M/s Swarna
Securities Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the 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 that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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, the accounting and
auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made
thereunder. We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Emphasis of Matters
We draw attention to Clause (6) of the Note 1 to the financial
statements, which describes the circumstances in which the Company may
not be able to continue with the non banking finance business. These
conditions indicate the existence of a material uncertainty that may
cast significant doubt about the Company's ability to continue as a
going concern. However, the financial statements of the Company have
been prepared on a going concern basis for the reasons stated in the
said Note. Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, 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.
(e) The going concern matter described under the Emphasis of Matters
paragraph above, in our opinion, may have an adverse effect on the
functioning of the Company.
(f) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
(g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company does not have any pending litigations which would
impact its financial position.
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. there were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure referred to in our report
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us and as
per the records of the Company examined by us the management has
physically verified the fixed assets and no material discrepancies have
been noticed on such verification.
(ii) The business of the Company does not involve holding any
inventories. Hence,
(a) Not Applicable
(b) Not Applicable
(c) Not Applicable
(iii) The Company has not granted any loans or advances to any of the
parties covered in the register maintained under section 189 of the
Companies Act, 2013. Hence,
(a) Not Applicable
(b) Not Applicable
(iv) In our opinion the Company has an adequate internal control
procedure commensurate with the size of the Company and the nature of
its business; and there are no continuing failures to correct major
weaknesses in internal control.
(v) According to the information and explanations given to us and as
per the records of the Company examined by us the Company has not
accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of any
cost records in respect to the activities of the Company.
(vii) (a) According to the information and explanations given to us and
as per the records of the Company examined by us, the Company has been
regular in depositing the applicable statutory dues with the appropriate
authorities. There are no undisputed amounts of any statutory dues
outstanding as at the Balance Sheet date, for a period of more than six
months from the date they became payable.
(b) Nil
(c) According to the information and explanations given to us and as
per the records examined by us, there are no amounts which were
required to be transferred to the Investor Education and Protection
Fund by the Company.
(viii) The accumulated losses as at the end of the financial year to
the Company as on the balance sheet date did not exceed fifty percent
of its net worth; and the Company has not incurred any cash losses
during the current financial year or the preceding financial year.
(ix) According to the information and explanations given to us and as
per records of the Company examined by us, the Company has not
defaulted in repayment of any dues to any banks, financial institutions
or debentures holders.
(x) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
availed any term loans during the year.
(xii) No fraud on or by the Company has been noticed or reported during
the year under audit.
Place: VIJAYAWADA for SESHADRY & COMPANY
Date : 12.06.2015 Chartered Accountants
FRN : 004993S
(sd) L.S. RAJENDRA
Partner
M.No.216211
Mar 31, 2014
We have audited the accompanying financial statements of M/s Swarna
Securities 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (the ''Act''). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing on opinion on the effictiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the 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 Profit and Loss Account, of the Loss for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
''Order1) 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;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE (Referred to in 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) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verifications.
(c) The Company has not disposed off any of its fixed assets so as to
affect its going concern status.
ii) (a) The nature of business of the Company does not involve holding
inventories of finished goods, stores, spare parts or raw materials.
(b) Not Applicable.
(c) Not Applicable
iii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has neither
taken nor granted any loans, secured or unsecured from or to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 or from companies under the same
management as defined under sub-section (IB) of section 370 of the
Companies Act, 1956.
iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for the purchase of consumables, plant and machinery,
equipment and other assets; and there is no continuing failure to
correct any weaknesses in the internal controls.
v) (a) According to the information and explanations given to us and as
per the records of the Company examined by us the Company has not
entered into any transaction, that needs to be entered into the
register in pursuance of section 301 of the Companies Act, 1956.
(b) Not Applicable.
vi) The Company has neither accepted nor held any public deposits
during the year under audit. Therefore, the provisions of sections 58A
and 58AA of the Companies Act, 1956, and the rules made thereunder are
not applicable.
vii) In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
viii) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 for any of
the activities of the company.
ix) As per the records of the Company examined by us and the
information and explanations given to us, the Company has generally
been regular in depositing statutory dues with the appropriate
authorities and there are no undisputed amounts payable in respect of
any statutory dues outstanding as at the date of the Balance Sheet for
a period more than six months from the date they became payable.
x) The accumulated losses of the Company as at the end of the financial
year are less than fifty percent of the net worth of the Company and
the Company has not incurred cash losses during the financial year
under audit or the immediately preceding financial year.
xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
defaulted in repayment of any dues either to its debenture holders.
xii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures or other securities.
xiii) According to the information and explanations given to us the
provisions of any special statute applicable to chitfund, nidhi or
mutual benefit society are not applicable to the Company during the
year.
xiv) In our opinion, the Company has maintained proper records of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities; and timely entries have been made
therein. All shares, securities, debentures and other investments are
held by the Company in its own name.
xv) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee in respect of loans taken by others from banks or
financial institutions.
xvi) As per the records of the Company examined by us, the Company has
not obtained any term loans during the year under audit.
xvii) The amounts raised by the Company by the issue of secured
redeemable debentures has been utilised for the purpose of lending
moneys in the course of the business of the Company and not for the
purpose of any long term investment.
xviii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not made
any allotment of shares, preferential or otherwise, during the year.
xix) The Company has created security in respect of the redeemable
debentures issued, by way of a floating charge on stock on hire and
lease receivables not specifically charged to the Company''s Bankers;
and other loans.
xx) The Company has not raised any money by public issue during the
year under audit.
xxi) No fraud on or by the Company has been noticed or reported during
the year in the course of our audit.
Place: VIJAYAWADA for SESHADRY & COMPANY
Date : 09.06.2014 Chartered Accountants
FRN : 004993S
(Sd)
L.S. RAJENDRA
Partner
M.No. 216211
Mar 31, 2013
Report on the Financial Statements :
We have audited the accompanying financial statements of M/s Swarna
Securities Limited, (the ''Company''), which comprise the Balance Sheet
as at March 31, 2013 and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements :
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (the Act''). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the 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
Companyas at March 31, 2013;
(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 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 te 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;
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
(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) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verifications.
(c) The Company has not disposed off any of its fixed assets so as to
affect its going concern status.
ii) (a) The nature of business of the Company does not involve holding
inventories of finished goods, stores, spare parts or raw materials.
(b) Not Applicable.
(c) Not Applicable
iii) According to the information and explanations given to us and as
per the records of the Company examined by us, The Company has neither
taken nor granted any loans, secured or unsecured from or to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 or from companies under the same
management as defined under sub-section (IB) of section 370 of the
Companies Act, 1956.
iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for the purchase of consumables, plant and machinery,
equipment and other assets; and there is no continuing failure to
correct any weaknesses in the internal controls.
v) (a) According to the information and explanations given to us and as
per the records of the Company examined by us the Company has not
entered into any transaction, that needs to be entered into the
register in pursuance of section 301 of the Companies Act, 1956.
(b) Not Applicable.
vi) The Company has neither accepted nor held any public deposits
during the year under audit. Therefore, the provisions of sections 58A
and 58AA of the Companies Act, 1956, and the- rules made thereunder are
not applicable.
vii) In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
viii) The Central Government has not prescribed maintenanceTof cost
records under section 209(l)(d) of the Companies Act, 1956 for the
activities of the company.
ix) As per the records of the Company examined by us and the
information and explanations given to us, the Company has generally
been regular in depositing statutory dues with the appropriate
authorities and there are no undisputed amounts payable in respect of
any statutory dues outstanding as at the date of the Balance Sheet for
a period more than six months from the date they became payable.
x) The accumulated losses of the Company as at the end of the financial
year are less than fifty percent of the net worth of the Company and
the Company has not incurred cash losses during the financial year
under audit or the immediately preceding financial year.
xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
defaulted in repayment of any dues either to its debenture holders or
to any financial institutions or banks.
xii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures or other securities.
xiii) According to the information and explanations given to us the
provisions of any special statute applicable to chitfund, nidhi or
mutual benefit society are not applicable to the Company during the
year.
xiv) In our opinion, the Company has maintained proper records of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities; and timely entries have been made
therein. All shares, securities, debentures and other investments are
held by the Company in its own name.
xv) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee in respect of loans taken by others from banks or
financial institutions.
xvi) As per the records of the Company examined by us, the Company tos
not obtained any term loans during the year under audit.
xvii) The amounts raised by the Company by the issue of secured
redeemable debentures has been utilised for the purpose of lending
moneys in the course of the business of the Company and not for the
purpose of any long term investment.
xviii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not made
any allotment of shares, preferential or otherwise, during the year.
xix) The Company has created security in respect of the redeemable
debentures issued, by way of a floating charge on stock on hire and
lease receivables not specifically charged to the Company''s Bankers;
and other loans.
xx) The Company has not raised any money by public issue during the
year under audit.
xxi) No fraud on or by the Company has been noticed or reported during
the year in the course of our audit.
Place: VIJAYAWADA for SESHADRY & COMPANY
Date : 06.06.2013 Chartered Accountants
FRN : 004993S
(sd)
L.S. RAJENDRA
Partner
M.No. 216211
Mar 31, 2012
1. We have audited the attached Balance Sheet of Swarna Securities
Limited as at 31st March, 2012 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books.
(c) The Balance Sheet and Profit and Loss Account referred to in this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory accounting standards referred to in section
211(3C) of the Companies Act, 1956.
(e) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according tc
the explanations given to us the said Balance Sheet and Profit & Loss
Account read together with the significant accounting policies and
other notes thereon, give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(ii) in case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date ; and
(iii) in case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE
(Referred to in Paragraph (3) of our Report of even date) (i) (a) The
Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verifications.
(c) The Company has not disposed off any of its fixed assets so as to
affect its going- concern status.
(ii) (a) The nature of business of the Company does not involve holding
inventories of finished goods, stores, spare parts or raw materials.
(b) -Not Applicable-
(c) -Not Applicable-
(iii) According to the information and explanations given to us and as
per the records of the company examined by us, the Company has neither
taken or granted any loans, secured or unsecured from or to companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956 or from companies under the same
management as defined under sub-section (IB) of section 370 of the
Companies Act, 1956
(iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for the purchase of consumables, plant and machinery,
equipment and other assets; and there is no continuing failure to
correct any weaknesses in the internal controls.
(v) (a) According to the information and explanations given to us and
as per the records of the Company examined by us the Company has not
entered into any transaction, that needs to be entered into the
register in pursuance of section 301 of the Companies Act, 1956. (b)
-NotApplicable-
(vi) The Company has neither accepted nor held any public deposits
during the year under audit. Therefore, the provisions of sections 58A
and 58AA of the Companies Act, 1956, the rules made thereunder are not
applicable.
(vii) In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 for the
activities of the company.
(ix) As per the records of the Company examined by us and the
information and explanations given to us, the Company has generally
been regular in depositing undisputed statutory dues with the
appropriate authorities and there are no undisputed amounts payable in
respect of any statutory dues outstanding as at the date of the Balance
Sheet for a period more than six months from the date they became
payable.
(x) The accumulated losses of the Company as at the end of the
financial year are less than fifty percent of the net worth of the
Company and the Company has not incurred cash losses during the
financial year under audit or the immediately preceding financial year.
(xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
defaulted in repayment of any dues to its debenture holders.
(xii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures or other securities.
(xiii) According to the information and explanations given to us the
provisions of any special statute applicable to chitfund, nidhi or
mutual benefit society are not applicable to the Company during the
year.
(xiv) In our opinion, the Company has maintained proper records of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities and timely entries have been made
therein; and shares, securities, debentures and other investments are
held by the Company in its own name.
(xv) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee in respect of loans taken by others from banks or
financial institutions.
(xvi) As per the records of the Company examined by us, the Company has
not obtained any term loans during the year under audit.
(xvii) The amounts raised by the Company by the issue of secured
redeemable debentures has been utilised for the purpose of lending
moneys in the course of the business of the Company and not for the
purpose of any long term investment.
(xviii) According to the information and explanations given to us and
as per the records of the Company examined by us, the Company has not
made any allotment of shares, preferential or otherwise, during the
year.
(xix) The Company has created security in respect of the redeemable
debentures issued, by way of a floating charge on stock on hire and
lease receivables not specifically charged to the Company's Bankers;
and other loans.
(xx) The Company has not raised any money by public issue during the
year under audit.
(xxi) No fraud on or by the Company has been noticed or reported during
the year in the course of our audit.
Place: VIJAYAWADA for SESHADRY & COMPANY
Date : 04.06.2012 Chartered Accountants
FRN:004993S
(sd) L.S. RAJENDRA
Partner
M.No. 216211
Mar 31, 2011
1. We have audited the attached Balance Sheet of Swarna Securities
Limited as at 31st March, 2011 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books.
(c) The Balance Sheet and Profit and Loss Account referred to in this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss Account
complies with the mandatory accounting standards referred to in section
211(3C) of the Companies Act, 1956.
(e) On the basis of written representations received from the directors
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us the said Balance Sheet and Profit & Loss
Account read together with the significant accounting policies and
other notes thereon, give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011; and
(ii) in case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
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) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verifications.
(c) The Company has not disposed off any of its fixed assets so as to
affect its going- concern status.
(ii) (a) The nature of business of the Company does not involve holding
inventories of finished goods, stores, spare parts or raw materials.
(b) -Not Applicable-
(c) -Not Applicable-
(iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured from or to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956 or
from companies under the same management as defined under sub-section
(IB) of section 370 of the Companies Act, 1956.
(b) According to the information and explanations given to us and as
per the records of the Company examined by us, the rate of interest and
other terms and conditions of the loans given and taken by the Company
are not prejudicial to the interests of the Company.
(c) In respect of hire moneys due on stocks-on-hire under the hire
purchase business transactions and general loans given by the Company
in the ordinary course of its business, the parties are generally
repaying the principal amount as stipulated and are also regular in
payment of interest, wherever applicable.
(d) Where the sums are overdue, we are of the opinion that the Company
has taken reasonable steps for the recovery of the same.
(iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for the purchase of consumables, plant and machinery,
equipment and other assets; and there is no continuing failure to
correct any weaknesses in the internal controls.
(v) (a) According to the information and explanations given to us and
as per the records of the Company examined by us the Company has not
entered into any transaction, that needs to be entered into the
register in pursuance of section 301 of the Companies Act, 1956.
(b) -Not Applicable-
(vi) The Company has neither accepted nor held any public deposits
during the year under audit. Therefore, the provisions of sections 58A
and 58AA of the Companies Act, 1956, the rules made thereunder are not
applicable.
(vii) In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 for the
activities of the company.
(ix) As per the records of the Company examined by us and the
information and explanations given to us, the Company has generally
been regular in depositing undisputed statutory dues with the
appropriate authorities and there are no undisputed amounts payable in
respect of any statutory dues outstanding as at the date of the Balance
Sheet for a period more than six month from the date they became
payable.
(x) The accumulated losses of the Company as at the end of the
financial year are less than fifty percent of the net worth of the
Company and the Company has not incurred cash losses during the
financial year under audit or the immediately preceding financial year.
(xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
defaulted in repayment of any dues either to its debenture holders or
to any financial institutions or banks.
(xii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures or other securities.
(xiii) According to the information and explanations given to us the
provisions of any special statute applicable to chitfund, nidhi or
mutual benefit society are not applicable to the Company during the
year.
(a) -Not Applicable-
(b) -Not Applicable-
(c) -Not Applicable-
(d) -Not Applicable-
(xiv) In our opinion, the Company has maintained proper records of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities and timely entries have been made
therein; and shares, securities, debentures and other investments are
held by the Company in its own name.
(xv) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee in respect of loans taken by others from banks or
financial institutions.
(xvi) As per the records of the Company examined by us, the Company has
not obtained any term loans during the year under audit.
(xvii) The amounts raised by the Company by the issue of secured
redeemable debentures has been utilised for the purpose of lending
moneys in the course of the business of the Company and not for the
purpose of any long term investment.
(xviii) According to the information and explanations given to us and
as per the records of the Company examined by us, the Company has not
made any allotment of shares, preferential or otherwise, during the
year.
(xix) The Company has created security in respect of the redeemable
debentures issued, by way of a floating charge on stock on hire and
lease receivables not specifically charged to the Company's Bankers;
and other loans.
(xx) The Company has not raised any money by public issue during the
year under audit.
(xxi) No fraud on or by the Company has been noticed or reported during
the year in the course of our audit.
for SESHADRY & COMPANY
Chartered Accountants
FRN: 0049935
(sd) L.S. RAJENDRA
Partner
Place : VIJAYAWADA
Date : 04.06.2011
Mar 31, 2010
01. We have audited the attached Balance Sheet of Swarna Securities
Limited as at 31st March, 2010 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
02. 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 best basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
03. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
04. Further to our comments in the Annexure referred to above, we
report that :
(a) We have obtained all the Information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company, so far as it appears from our examination of
those books.
(c) The Balance Sheet and Profit and Loss Account referred to in this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and loss account
complies with the mandatory accounting standards referred to in section
211(3C) of the Companies Act, 1956.
(e) On the basis of written representations received from the directors
as on 31st March, 2008 and taken on record by the Board of Directors,
we report that none of the directors is disqualified from being
appointed as director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956
(f) In our opinion and to the best of our information and according to
the explanations given to us the said Balance Sheet and Profit & Loss
Account read together with the significant accounting policies and
other notes thereon, give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India.
i) in case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010; and
ii) in case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
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) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verifications.
(c) The Company has not disposed off any of its fixed assets so as to
affect the going concern status.
ii) (a) The nature of business of the Company does not involve holding
inventories of finished goods, stores, spare parts or raw materials.
(b) Not Applicable.
(c) Not Applicable
iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured from/to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956 or
from companies under the same management as defined under sub-section
(IB) of section 370 of the Companies Act, 1956.
(b) According to the information and explanations given to us and as
per the records of the Company examined by us, the rate of interest and
other terms and conditions of the loans given and taken by the Company
are not prejudicial to the interests of the Company.
(c) In respect of hire moneys due on stocks-on-hire under the hire
purchase business transactions and general loans given by the Company
in the ordinary course of its business, the parties are generally
repaying the principal amount as stipulated and are also regular in
payment of interest, wherever applicable.
(d) Where the sums are overdue, we are of the opinion that the Company
has taken reasonable steps for the recovery of the same.
iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for the purchase of consumables, plant and machinery,
equipment and other assets; and there is no continuing failure to
correct any weaknesses in the internal controls.
v) (a) According to the information and explanations given to us and as
per the records of the Company examined by us the Company has not
entered into any transaction, that needs to be entered into the
register in pursuance of section 301 of the Companies Act, 1956.
(b) Not Applicable.
vi) The Company has neither accepted nor held any public deposits
during the year under audit. Therefore, the provisions of sections 58A
and 58AA of the Companies Act, 1956 and the rules made thereunder are
not applicable.
vii) In our opinion the Company has an internal audit system
commensurate with its size and the nature of its business.
viii) The Central Government has not prescribed maintenance of cost
records under section 209(l)(d) of the Companies Act, 1956 for the
activities of the company.
ix) As per the records of the Company examined by us and the
information and explanations given to us, the Company has generally
been regular in depositing undisputed statutory dues with the
appropriate authorities and there are no undisputed amounts payable in
respect of any statutory dues outstanding as at the date of the Balance
Sheet for a period more than six months from the date they became
payable.
x) The accumulated losses of the Company as at the end of the financial
year are less than fifty percent of the net worth of the Company and
the Company has not incurred cash losses during the financial year
under audit or the immediately preceding financial year.
xi) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
defaulted in repayment of any dues either to its debenture holders or
to any financial institutions or banks.
xii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures or other securities.
xiii) According to the information and explanations given to us the
provisions of any special statute applicable to chitfund, nidhi or
mutual benefit society are not applicable to the Company during the
year.
(a) Not Applicable
(b) Not Applicable
(c) Not Applicable
(d) Not Applicable
xiv) In our opinion, the Company has maintained proper records of the
transactions and contracts in respect of trading in shares, securities,
debentures and other securities and timely entries have been made
therein; and shares, securities, debentures and other investments are
held by the Company in its own name.
xv) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not
given any guarantee in respect of loans taken by others from banks or
financial institutions.
xvi) As per the records of the Company examined by us, the Company has
not obtained any term loans during the year under audit.
xvii) The amounts raised by the Company by the issue of secured
redeemable debentures has been utilised for the purpose of lending
moneys in the course of the business of the Company and not for the
purpose of any long term investment.
xviii) According to the information and explanations given to us and as
per the records of the Company examined by us, the Company has not made
any allotment of shares, preferential or otherwise, during the year.
xix) The Company has created security in respect of the redeemable
debentures issued, by way of a floating charge on stock on hire and
lease receivables which are not specifically charged to the Companys
Bankers; and other loans.
xx) The Company has not raised any money by public issue during the
year under audit.
xxi) No fraud on or by the Company has been noticed or reported during
the year in the course of our audit.
Place: VIJAYAWADA for SESHADRY & COMPANY
Date : 01.06.2010 Chartered Accountants
(sd) L.S. RAJENDRA
Partner
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