Independent Auditors Report
TO THE MEMBERS OF
VAMHOLDINGS LIMITED
1. We have audited the accompanying financial statements of VAM HOLDINGS LIMITED
(the Company), which comprise the Balance Sheet as at 31stMarch, 2014, the Statement of
Profit and Loss for the year then ended and a summary of significant accounting policies
and other explanatory information.
Managements Responsibility forthe Financial Statements
2. The Companys Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and financial
performance of the Company in accordance with the Accounting Standards notified under the
Companies Act, 1956(the Act) (which continue to be applicable in respect of section 133
of the Companies Act,2013in terms of General Circular 15/2013 dated September 13, 2013 of
the Ministry ol Corporate Affairs) and in accordance with the accounting principles
generally accepted in India. 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, wether due to fraud or error.
Auditors Responsibility
3. 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.
4. 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, but not for the purpose of expressing an opinion on the
effectiveness of the Companys 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.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to the explanations
given to us, the financial statement together with the notes thereon 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:
(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2014; and
(ii) Inthe case of the Statement of Profit and Loss, of the profit for the year ended
on that date.
Report on other legal and regulatory requirements
7. As required by the Companies (Auditors Report) Order, 2003 (as amended) (herein
after collectively referred to as the Order), issued by the Central Government of India
in terms of section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on
the matters specified in paragraph 4 & 5 of the said Order.
8. As required by section 227(3) of theAct, 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 accounts, as required by law have been kept by the
Company so far as appears from our examination of those books;
iii. The Balance Sheet and Statement of Profits Loss dealt with by this report are in
agreement with the books of accounts of the Company;
iv. In our opinion, the Balance Sheet and Statement of Profit & Loss dealt with by
this report comply with the Accounting Standard notified under the Act (which continue to
be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 of the Ministry of CorporateAffairs).
v. On the basis of the written representations received from the directors as on March
31, 2014, and taken on record by the Board of Directors, we report that none of the
directors are disqualified as on March 31, 2014 from being appointed as a director in
terms of clause (g) of sub-section (1) of sectfon 274 of the CompaniesAct, 1956.
|
For BGJC & ASSOCIATES |
|
Chartered Accountants |
|
FRN.-003304N |
|
DarshanChhajer |
| Place: New Delhi |
Partner |
| Date: 4"1August, 2014 |
Membership No. 088308 |
ANNEXURE REFERRED TO IN PARAGRAPH 7 OF THE AUDITORS REPORT TO THE MEMBERS OF VAM
HOLDINGS PRIVATE LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2014.
(i) The company has no fixed assets and hence this clause is not applicable to the
company,
(ii) The company has no inventory and hence this clause is not applicable tothe
company.
(iii) The company has neither granted nor taken any loan, secured or unsecured to /
from any company, firm or parties which are covered in the register maintained under
section 301 of theAct.Hence clause 4(ii) of this order is not applicable.
(iv) In our opinion and according to the information and explanation given to us, there
are adequate internal control procedures commensurate with size of the Company & the
nature of its business for the sale / purchase of securities.
(v) a) According to the information and explanation given to us, we are of the opinion
that the transactions made (if any) in pursuance of contracts or arrangement entered in
the register maintained under section 301 of the CompaniesAct, 1956 have been so entered.
b) In our opinion and according to the information and explanation given to us
transactions made (if any) in pursuance of contracts or arrangements entered in the
register maintained under section 301 of the Companies Act, 1956 and exceeding the value
of rupees five lakhs are not prejudicial to the interest of the company.
(vi) In our opinion and according to the information and explanation given to us, the
company has not accepted any deposits from the public during the year
(vii) In our opinion and according to the information and explanation given to us, the
company is having an Internal audit system commensurate with the size and nature of its
business.
(viil) According to the information and explanations given to us, the company is not
required to maintain any cost record under section 209(1) (d) of the CompaniesAct, 1956.
(ix) (a) We were informed that Employees Provident Fund & Misc. Provision Act, 1952
and Employees State Insurance Act etc are not applicable to the Company. Other statutory
dues have been normally paid in time.
b) According to the information and explanations given to us and the records examined
by us, there were no undisputed amounts payable in respect of income-tax, wealth tax,sales
tax, custom duty and excise duty outstanding as at March 31, 2014for a period than more
the six months from the date they became payable.
c) According to the information and explanation given to us, there are no dues of sales
tax, income tax, customs duty, wealth tax,excise duty and cess which have not been
deposited on account of any dispute.
(x) The company does not have accumulated losses at the end of the financial year and
it has not incurred cash losses in current financial year and in the immediately preceding
financial year.
(xi) In our opinion and accordingto the information and explanationsgiven to us, the
company has nottaken any loan from any financial institution or bank nor issued any
debentures, hence this clause not applicable.
(xii) According to the information given to us, the company has not granted loans and
advances on the basis of security byway of pledge of shares, debenture and other
securities.
(xiii) In our opinion, the company is not a chit fund or a Nidhi mutual benefit fund
/society. Therefore, the provisions of clause 4(xiii) of Order are not applicable to the
company.
(xiv) According to the information and explanations given to us, the company is not
dealing in shares, securities and debentures except short term investments of companys
funds in mutual funds units for which adequate records have been maintained and being
updated in timely manner.
(xv) Accordingto the information given to us, the company has not given guarantees for
loans taken byothers from banks orfinancial institutions hence this clause is not
applicable.
(xvi) Based on the information and explanation given to us by the management, the
company has not taken any term loan.
(xvii) According to the information and explanations given to us, and on an overall
examination of the balance sheet of the company, we report that no funds raised on short
term basis have been used for long term investment.
(xviii) According to the information and explanations given to us the company has not
made preferential allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) According to the information and explanations given to us, during the year
covered by our audit report, the company has no outstanding debentures during the year,
hence this clause in not applicable.
(xx) According tothe information and explanations given to us, duringthe year covered
byour audit report, no public issue has been made by the company.
(xxi) In our opinion and according to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during the year.
|
For BGJC & ASSOCIATES |
|
Chartered Accountants |
|
FRN.-003304N |
|
Darshan Chhajer |
| Place: New Delhi |
Partner |
| Date: 4"August, 2014 |
Membershi p No. 088308 |
+91-9892691696
