AUDITORS
To
The Members of
Ascent Exim (India) Limited
1. We have audited the attached Balance Sheet of Ascent Exim (India) Limited as
at October 31, 2012, the Statement of Profit and Loss and the 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 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 (as amended) issued by
the Central Government of India in terms of sub-section (4A) of Section 227 of the
Companies Act, 1956, we enclose in the 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:
i. We have obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purposes 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 and statement of profit and loss account dealt with by this
report are n i agreement with the books of account;
iv. In our opinion, the balance sheet and profit and loss account dealt with by this
report comply with the accounting standards referred to in sub-section (3C)of section 211
of the Companies Act,1956.
v. On the basis of the written representations received from the directors, as on
October 31, 2012 and taken on record by the Board of Directors, we report that none of the
directors is disqualified as on October 31, 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. In our opinion and to the best of our information and according to the explanations
given to us, the said accounts 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
October 31, 2012;
b) in the case of the profit and loss account, of the profit for the year ended on that
date.
c) in the case of Cash Flow Statement, of the cash flows for the year ended on that
date.
For NGS & Co. LLP
Chartered Accountants
Firm Registration No.: 119850W
Sd/-
Ganesh Toshniwal
Partner
Membership No. 046669
Place: Mumbai
Date: 31.01.2013
Annexure to the Auditors Report of even date to the members of ASCENT EXIM
(INDIA) LIMITED, on the financial statements for the year ended 31stOctober, 2012
Based on the audit procedures performed for the purpose of reporting a true and fair
view on the financial statements of the Company and taking into consideration the
information and explanations given to us and the books of account and other records
examined by us in the normal course of audit, we report that:
i. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of its Fixed Assets.
(b) According to the information and explanations given to us, the Fixed Assets have
been physically verified by the management during the year, and no material discrepancies
were noticed on such verification with book records.
(c) The company has not disposed off any major part of the Fixed Assets, so as to
affect its going concern.
ii. (a) The inventories have been physically verified by the management at reasonable
intervals during the year.
(b) The procedure followed by the management for physical verification of stock is
reasonable and adequate in relation to the size of the Company and nature of its business.
(c) The Company is maintaining proper records of inventory and the discrepancies, not
material, between the physical verification as compared to book stock have been properly
dealt with in books of account.
iii. The Company has not granted/taken any loans, secured or unsecured to/from
companies, firms or-other parties covered in the register maintained under section 301 of
the Companies Act 1956. Therefore the provisions of clause 4(iii) (b) to (g) of the
Companies (Auditors Report) Order, 2003(as amended) are not applicable to the Company.
iv. 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. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control procedures.
v. According to the information and explanations given to us, the Company has not
entered into contracts or arrangements referred to in section 301 of the Act .
Accordingly, the provisions of clause 4(v) of the Companies (Auditors Report) Order, 2003
(as amended) are not applicable to the Company.
vi. The Company has not accepted any deposits from the public within the meaning o f
sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975.
Therefore, the provisions of clause 4 (vi) of the Companies (Auditor s Report) Order,
2003 (as amended) are not applicable to the Company.
vii. The company does not have internal audit system during the year.
viii. The Central Government has not prescribed maintenance of cost records under
section 209 (1) (d) of the companies act,1956for any of the products of the company.
Therefore, the provisions of clause 4 (viii) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
ix. (a) According to the records of the Company, undisputed statutory dues including,
Investor Education and Protection Fund, Income Tax, Wealth Tax, Customs Duty, cess and
other statutory dues have been regularly deposited with appropriate authorities. According
to the information and explanations given to us, no undisputed amounts payable in respect
of the aforesaid dues were outstanding as at 31stOctober, 2012.
(b) According to the information and explanations given to us, disputed dues in respect
of provident fund, investor education and protection fund, employees state insurance,
income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other
statutory dues amounting to Rs.23,72,016, which were outstanding at the year end for a
period of more than six months from the date they became payable.
x. The company has accumulated losses of Rs 1,44,46,021 as at 31st October 2012.The
company has also incurred cash losses immediately preceding financial year.
xi. The Company does not have any dues to financial institutions, banks or debenture
holders.
Therefore the provisions of clause 4 (xi)of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the company.
xii. According to the information and explanations given to us, 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, the Company is not Chit Fund or Nidhi Mutual Benefit
Fund/Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors
Report) Order, 2003 (as amended) are not applicable to the Company.
xiv. In our opinion, the Company is dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditors Report) Order, 2003 (as amended) are applicable to the Company.
xv. The company has not given any guarantee for loans taken by others from financial
institutions/banks. Therefore, the provisions of clause 4 (xv)of the Companies (Auditors
Report) Order, 2003 (asamended) are not applicable to the Company.
xvi. The Company did not have any term loans outstanding during the year. Therefore,
the provisions of clause 4 (xvi) of the Companies (Auditors Report) Order, 2003 (as
amended) are not applicable to the company.
xvii. In our opinion, no funds raised on short-term basis have been used for long-term
investment.
xviii. The Company has not made any preferential allotment of shares to parties covered
in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the
provisions of clause 4 (xviii) of the Companies (Auditors Report) Order, 2003 (as
amended) are not applicable to the company.
xix. The Company has neither issued nor had any outstanding debentures during the year.
Therefore, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the company.
xx. The Company has not raised any money by public issue during the year. Therefore,
the provisions of clause 4 (xx)of the Companies (Auditors Report) Order, 2003 (as
amended) are not applicable to the company.
xxi. In our opinion and according to the information and explanations given to us, no
fraud by/against the company has been noticed or reported during the year.
For NGS & Co. LLP
Chartered Accountants
Sd/-
Ganesh Toshniwal
Partner
Membership No. 046669
Place: Mumbai
Date: 31.01.2013
+91-9892691696
