aasheesh securities ltd Auditors report
AASHEESH SECURITIES LIMITED
ANNUAL REPORT 2009-2010
AUDITORS REPORT
TO
The Members of
AASHEESH SECURITIES LIMITED
1 We have audited the attached Balance Sheet of AASHEESH SECURITIES LIMITED
as at 31st March, 2010 as also the Profit & Loss Account and Cash Flow
Statement 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.
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 wheather the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidance 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 Statement on Companies (Auditors Report) Order,
2003, issued by the Central Government of India in terms of Section 227(4A)
of the Companies Act, 1956, we give in the annexure, a statement on the
matters specified in Paragraph 4 & 5 of the said Order, to the extent
applicable to the Company.
4. Futher 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 the books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt
with by this report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet, Profit & Loss Account 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.
(e) On the basis of confirmations received from other Public Companies in
which Directors are Director/written representations received from the
Directors, and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as on 31st March, 2010 from being
appointed as a 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 accounts give the information required
by the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted
in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010:
(ii) In the case of Profit & Loss Account, of the Loss for the year ended
on that date: and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
For ATUL KUMAR GUPTA & CO.
CHARTERED ACCOUNTANTS
Place: JAGADHRI Sd/-
Dated: 31st May, 2010 (A.K.Gupta)
Partner
Membership No. 89479
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE ON
THE ACCOUNTS OF AASHEESH SECURITIES LIMITED
1. The Company donot own any Fixed Assets. Therefore, the requirement of
maintenance of records showing full particulars including quantitative
details and situation and physical verification of Fixed Assets donot
apply.
2. None of the Fixed Assets have been revalued during the year.
3. The Stock of shares and debentures have been physically verified by the
management at reasonable intervals during the year under audit. No major
discrepencies were noticed on physical verification of shares and
securities as compared to the book records. In our opinion and according to
the information and explanation given to us, the procedure of physical
verification of shares and securities followed by the management is
reasonable, proper and adequate in relation to the nature of its business
and accounting principles.
4. The company has not taken any secured or unsecured loans from Companies,
firms or other parties listed in the register maintained under section 301
of the Companies Act, 1956, nor from the companies under the same
management as defined under Sub-section (IB) of section 370 of the
Companies Act, 1956.
5. The company has not granted any secured or unsecured loans to companies,
firms or other parties listed in the registers maintained under section 301
of the Companies Act, 1956 and/or to Companies under the same management as
defined under Sub-Section (IB) of Section 370 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation given to
us, there are adequate internal control procedures, commensurate with the
size of the Company and nature of its business with regard to purchase of
shares, office equipments and other assets and with regard to the sale of
shares and securities.
7. In our opinion and according to the information and explanations given
to us, transactions of shares made in pursuance of contract or arrangements
entered in the register maintained under Section 301 of the Companies Act,
1956, aggregating during the year to Rs.50,000/- or more in respect of each
party has been made at rates which are reasonable having regard to
prevailing market rates for such shares and securities.
8. The Company has not accepted any deposit from the public and
consequently the provisions of Section 58 A of the Companies Act, 1956 are
not applicable.
9. In our opinion, Companys internal audit system is commensurate with its
size and the nature of its business.
10. The Company has accumulated losses of Rs.388.01 lacs at the end of the
end of the financial year and it has incurred cash losses in the current
and immediately preceding financial year.
11. According to the information and explanations given to us, the Company
has not defaulted in repayment of dues to bank.
12. According to the records of the Company, Providend Fund and Employees
State Insurance are not applicable to the Company.
13. According to the information and explanations given to us, no
undisputed amounts are payable in respect of Income-Tax and Sales Tax or
other Govt. dues which have remained outstanding as at 31st March, 2010 for
period of more than six months from the date they became payable. Disputed
income-tax amounting to Rs. 1,62,93,185/- has not been deposited since the
matter has been remanded back by the Income-tax Appellate Tribunal to the
Commissioner of Income-tax (Appeals).
14. According to the information and explanations given to us, no personal
expenses of employees or directors have been charged to revenue account,
other than those payable under contractual obligations or in accordance
with generally accepted business practice.
15. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures or other similar
securities.
16. The provisions of any special statutes applicable to Chit Funds, Nidhi
or Mutual Benefit Society do not apply to the Company.
17. The company is not a sick Industrial Company within the meaning of
Section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act,
1985.
18. The Company has maintained proper records of transactions and contracts
in respect of trading in shares, debentures and other securities and timely
entries have been made therein.
19. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company was
noticed or reported during the year.
For ATUL KUMAR GUPTA & CO.
CHARTERED ACCOUNTANTS
Place: JAGADHRI Sd/-
Dated: 31st May, 2010 (A.K.Gupta)
Partner
Membership No. 89479