union asset management company pvt ltd Auditors report

AUDITOR

TO

THE MEMBERS OF

UNION KBC ASSET MANAGEMENT COMPANY PRIVATE LIMITED

1. We have audited the attached balance sheet of Union KBC Asset Management Company Private Limited (The Company), as at 31st March, 2012 and also the Statement of Profit and Loss and Cash Flow Statement for the year ended 31st March, 2012, annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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 for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to above, we report that:

i.) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

ii. ) In our opinion, proper books of account as required by law have been kept

by the company so far as appears from our examination of those books.

iii. ) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt

with by this report are in agreement with the books of account.

iv. ) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow

Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act 1956 to the extent applicable.

v. ) 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 as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi. ) The Govt, has not notified the rate of cess envisaged under Section 441A (i), of

the Companies Act, 1956 hence, no provision /payment has been made for the same (Refer Note II .21]

vii. ) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read with 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:

a) in case of the Balance Sheet, of the State of the affairs of the Company as at 31st March, 2012

b) in case of the Statement of Profit and Loss, of the Loss for the period ended on that date and

c) in case of Cash Flow Statement, of the Cash Flows for the period ended on that date.

	For Bansal R. Kumar & Associates
	Chartered Accountants,
	Firm Reg. No.: 08186N
Place: MUMBAI
Date: 24.04.2012
	(CA. R.K.Gupta)
	Partner
	M. No.: 86851

Annexure referred to in our report of even date to the members of Union KBC Asset Management Company Private Limited, Mumbai on the accounts of the Company for the year ended 31st March, 2012

(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 during the period. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification during the period.

(c) The fixed assets disposed off during the period, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) In our opinion, and according to the information and explanation given to us, by the Companys nature of operation does not require it to hold inventories. Consequently, clause 4(ii) of the Companies (auditors report) order 2003 is not applicable.

(iii) (a) As informed to us, the Company has not granted any loans, secured or unsecured, to companies or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As informed to us, the Company has not taken any loans, secured or unsecured from other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, the internal control system for purchase of fixed assets commensurate with the size of the Company and the nature of business. The Company did not purchase inventory or sell services during the period.

(v) In our opinion and according to the information and explanation given to us, there are no transaction of purchase of goods and services and Sale of goods and services, made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act. 1956.

(vi) According to the information and explanation given to us, the Company has not accepted any deposits from the public to which the directives issued by the Reserve bank of India and the provisions section 58A and section 58A(A) of the Company Act, 1956 and the rules framed there under apply. Consequently, clause 4(vi) of the Companies (auditors report) order 2003 is not applicable.

(vii) In our opinion, the internal audit function, carried out during the period, by firm of Chartered Accountants appointed by the Management is commensurate with the size of the Company and the nature of its business.

(viii) According to the information and explanation given to us, by the Company, Central Government has not prescribed the maintenance of cost record under section 209 (l)(d) of the Companies Act, 1956. Consequently, clause 4(viii) of the Companies (auditors report) order 2003 is not applicable.

(ix) According to the records made available and information provided to us, the company is regular in depositing undisputed statutory dues like Provident Fund, Income Tax and other Statutory Dues with the appropriate authorities. Further as explained to us, the provisions for Employee State Insurance, Sales Tax, Wealth Tax and Excise Duty are not applicable to the company during the year. In the absence of notification/ guidelines for levy of Cess towards rehabilitation of Sick Industries, the dues remain unascertained and not deposited. According to the information and explanation given to us there are no dues of Income Tax/ Service Tax and other Statutory Dues, which have not been deposited on account of any dispute.

(x) As at 31st March, 2012, the Company has been registered for less than five year and consequently, clauses 4(x) of the Companies (auditors report) order 2003 is not applicable.

(xi) According to the information and explanation given to us, the Company has not issued any debenture or taken any loan from any financial institution or a bank during the period.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) The company has maintained proper record of transactions and contracts and timely entries have been made in the same regarding investments and the investment are held by the company is its own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanation given to us, the Company did not have any term loans outstanding during the period.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to Companies / firms / parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) The company has not issued any debentures during the period.

(xx) The company has not raised any money by public issues.

(xxi) According to the information and explanation given to us, no fraud on or

by the Company has been noticed or reported during the course of our audit.

	for Bansal R. Kumar & Associates
	Chartered Accountants,
	Firm Reg. No.: 08186N
Place: MUMBAI
Date : 24.04.2012
	(CA.R.K. Gupta)
	Partner
	M. No.: 86851