INDEPENDENT AUDITOR
To the Memben, of
Anand credit Limited
Report an the Financial Statements
We have audited the accompanying financial Statements of Anand credit limited
which comprise the Balance Sheet as at March 31, 3013. and the Statement of Profit and
loss and Cash Flow Statement for the year then ended, and a summary of significant
accounting polides and other explanatory information.
Managements Res pensibilily for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a trua 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 ire free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit, We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India Those Standards require that we comply with
ethical requirements and plan and peform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Companys preparation and fair presentation of
the 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 leasonableness 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.
ln 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, 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 Lash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 ("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 out 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 Row
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 front the directors as on March 31,
2013, and taken on record by the Board of Directors, none of the directors is disquslified
as on March 31, 2013, from being appointed as a director In terms of clause (g) of
sub-section (1) of section 374 of the Companies Act, 1956.
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 Companies Act 1956 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.
|
For A.L.Thakkar & Co. |
|
Chartered Accountants |
|
FKN; 120116W |
|
Sanjiv Shah |
|
Partner |
|
Membership No. : 42264 |
| Place: Ahmedabad |
|
| Dace: 28th May, 2013 |
|
ANNEXURE TO AUDITORS REPORT [Referred to paragraph 3 of our report of even
date]
1. In respect of its fixed assets;
(a) The Company has maintained proper records showing full particulars including
quantitative detalls and situation of Fixed assets on line basis of available information.
(b) As explained to us, the fixed 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 nature of its assets.
No material discrepancies were noticed on such physical verification.
(c) In Our Opinion the company has not disposed off substantial part of fixed assets
during the year and the going concern status of the company is not affected.
2. In respect of its inventories;
(a) As explained to us, inventories have been physically verified by the management at
regular intervals during the year.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physics! 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) The company has maintained proper records of inventories. As explained to us, there
was no material discrepancies noticed on physical verification of inventories as compared
to the book records, If any noticed on physical verification of Inventory as compared to
the book records were properly adjusted.
3. i) In respect of loans, secured or unsecured, granted or taken by the company
to/from companies. Firms Or other parties coveted in the register maintained under
section 301 of the companies Act, 1956.
(a) The Company has nut granted any loans or advances in the nature of loans
to parties covered In the register maintained under section 301 of the Companies
Act, 1956, Hence, the question of reporting whether the terms and conditions of such loan
are prejudicial to the interest of the company, whether reasonable steps for
recovery/repayment of overdue of such loans are taken does not arise.
(b) The company has taken loan from one parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum amount
involved during the year was Rs.35.00 lacs and the year -end balance of loans
taken from such parties was Rs.35.00 lacs,
(c) In our opinion, and according to the information and explanations given to us, the
rate of interest, wherever applicable and other terms and conditions of loan taken are not
prima facie prejudicial to the interest of the company.
(d) The company is regular in repaying the principal amount as stipulated and has been
regular in the payment of interest.
4. In respect of internal Control
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, fixed assets and also with to
the sale of goods & services During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal control
system.
5. In respect of transactions covered under section 301 of the Companies Act, 1956.
(a) In our opinion, and according to the information and explanations given to as,
the particulars of contracts or arrangements referred to In section 301 of the Companies
Act, 1956, have been entered in the Register required to be maintained under that section;
(b) in our opinion and according to the information and explanations given to
us. transactions made in pursuance of Such contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956 and
exceed Log he value of rupees, five lacs in respect of a party
during the year have been made at prices which are reasonable having regard to prevailing
market prices at the relevant time.
6. In respect of deposits from public
The Company has not accepted deposits from the public within the meaning of
section 58A and 58AA of the Companies Act, and the Rules framed there under We are
informed that no Order has been passed by the Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any Court or any Other Tribunal.
7. In respect of internal audit system
In Our Opinion, the company has an internal audit system commensurate
with the size of the company and the nature of its business.
8. In respect of maintenance of cost records
According to informal ion and explanation given to us, neither order has been passed by
Central Government nor have cost records been prescribed under section 209 (1) (d)
of the Companies Act, 1956 in respect of products manufactured by the Company.
9. In respect of statutory dues:
(a) According to the records of the Company, the company is regular in depositing with
appropriate authorises undisputed statutory dues including Provident Fund, Income Tax,
Investor Education and Protection Fund, Employees Stale Insurance dues. Sales Tax,
Service Tax, Custom duty, Excise duty, Professional tax, Cess and other statutory dues as
maybe applicable to the Company have generally been regularly deposited with the
appropriate authorities.
(b) According to the information and explanations given to us, undisputed Income
tax liabilities of Rs, 1,53,190 was outstanding as at 31st March, 2013 for a period of
more than Six months from the date they become payable.
The disputed statutory dues aggregating to Rs, 35.34 lacs., that have not been
deposited on account of matters pending before appropriate authorities are as under.
| Name of statue |
Nature of the dues |
From where dispute is pending? |
Amount |
| Income Tax Act |
Income Tax. |
I.T.A.T, |
29,68,762 |
| Income Tax Act |
Income Tax |
C.I.T. (A) |
5,65,715 |
(c) According to the information and explanations given to us, there are no dues of
Income Tax, Sales Tax, Wealth tax, Service tax, Excise duty. Customs duty and Cess which
have not been deposited on account of any dispute,
10. In respect of accumulated losses and cash losses
The accumulated, losses of the company have not exceeded fifty percent of its net worth
as at 31st March, 2012,
11. In respect of dues to financial institution / banks / debentures
In our opinion and according to the information and explanation given to usr
the Company has defaulted in repayment of no dues to banks / financial institutions, Or
debenture holders.
12. In respect of loans and advances granted on the basis of security.
In our opinion and according to the information and explanation given to us, no loans
and advances have been granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In respect of provisions applicable to Chit fund
In our opinion, the Company is not a chil fund or a nidlii / mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of the Order are not
applicable to the Company.
14. In respect of dealing or trading in shares, securities, debentures and other
investment
According to the information and explanations given to us, the company is not dealing
in Or trading in shares, securities, debentures and other investments, Hence clause
4(xiv) of the companies (Auditors Report) Order 2003 is not applicable to the
company,
15. In respect of guarantee given for loans taken by others
According to the information and explanation given to us, the company is not given any
gurantee for loans taken by Others front bank Or financial institutions.
16 In respect of application of term loans
The company has not raised any new term loan during the year. The term loans
outstanding at the beginning of the year were applied for the purpose for which they were
raised,
17. In respect of fund used
According to the information and explanations given to us and on an overall
examination of the balance sheet of the company we are of the Opinion that no funds
raised on short term basis have been used for long term investment.
18. In respect of preferential allotment of shares
According to the information and explanations given to us, the company has not made
preferential allotment of shares during the year. to parties and companies covered in the
register maintained under section 301 of the Comparies Act, 1956.
19. In respect of securities Created for debentures
The Company has not issued any debentures during the year. Therefore, the
provision of clause 4 (six) of the Order is not applicable to the Company,
20. In respect of end use of money raised by public issues
The Company has not raised any money by way of public issue during the year.
21. In respect of fraud
According to the information and explanations given to us, no fraud on or by the
Company has been noticed or reported during the year.
|
FOR, A.L THAKKAK & CO, |
|
Chartered Accountants |
| Place: Ahmedabad |
|
| Date 28.06.2013 |
(SANJIV V. SHAH) |
|
Partner |
|
Membership No.: 42264 |
|
Firm No, 120116W |
+91-9892691696
