Independent Auditor
To the Members of
PARAMOUNT DEALCOMM PRIVATE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of PARAMOUNT DEALCOMM PRIVATE
LIMITED("the Company"), which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss and Cash Flow Statement for the period then ended,
and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a
true 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 are 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 perform 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 reasonableness 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.
Opinions
In 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, 2014;
b) In the case of the Profit and Loss Account, of the loss for the period ended on that
date; and
c) In the case of the Cash Flow Statement, of the cash flows for the period 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 subsection (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 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
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 Flow
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 from the directors as on March 31,
2014, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2014, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred to in paragraph 1 under the heading of "Report on Other Legal &
Regulatory Requirements" of our report of even date
PARAMOUNT DEALCOMM PRIVATE LIMITED
Based on information and explanation furnished to us and record examined by us in the
normal course of audit, we also report that to the best of our Knowledge and belief:
(i) (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of Fixed Assets.
(b) The fixed assets of the company have been physically verified by the management at
reasonable intervals. No material discrepancies were noticed on such verification.
(c) During the period the Company has not disposed off major part of the fixed Assets.
(ii)(a) The Company had taken an unsecured loan from 3 company covered in the register
maintained under section 301 of the companies Act, 1956.
The maximum amount involved during the period was Rsl089.00 and the period end balance
of such loan was Rs.97.00Lacs.
The company has granted unsecured loan to two companies covered under register
maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the period was Rs. 0 and the period end balance of
such loan was Rs.47340.00
(b) In our opinion, the rate of interest and other terms and conditions on which loans
have been granted to/taken are not prima facie prejudicial to the interest of the Company.
(c) The Company is regular in repaying the principal amounts as stipulated and has been
regular in payment of interest. The party has repaid the principal amounts as stipulated
and has been regular in the payment of interest.
(iii) 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 with regard to purchases of inventory and fixed assets
and-with regard to the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weakness in internal controls.
(iv) (a) According to the information and explanations given to us, we opinion that the
transactions the need to be entered into the register maintained under section 301 of the
companies Act,1956 have been so entered,
(b) In our opinion and according to the information and explanations given to us, the
company has entered transactions pursuant contracts or arrangements the need to be entered
in the register maintained under section 301 of the Companies Act, 1956.
(v) The Company has not accepted any deposits from the public within the meaning of
section 58A of the Companies Act and the rules framed there under,
(vi) In our opinion, the company has an internal audit system commensurate with its
size and nature of its business.
(vii) The maintenance of cost records has not been prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for any
products of the Company and as such we are not required to comment on the same.
(viii) The company is regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sale-tax, Wealth Tax, Custom Duty, Excise Duty,
Cess and other statutory dues applicable to it.
According to information and explanations given to us, no undisputed amounts payable in
respect of Income-Tax, Wealth Tax, Value Added Tax, Custom Duty, Excise Duty and cess were
in arrears as at 31st March,2014 for a period of more than six months from the
date they became payable.
According to the information and explanations given to us , there are no dues of Value
added Tax, income tax,/custom duty/wealth tax/excise duty/cess which have not been
deposited on account of any dispute.
(ix) The accumulated losses of the company at the end of the Period ended 31st
March 2014 of Rs. 144225.46
(x)In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial institution, bank or
debenture holders in the year under review.-
(xi) The company has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
(xii) The company is not a nidhi / mutual benefit fund/society, therefore the
provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiii) In our opinion the company is not dealing in or trading in shares, securities,
debentures and other securities. Accordingly provisions of clause 4 (xiv) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
(xiv) According to the information and explanations given to us, the company has not
given any guarantee for loans taken by others from bank or financial institutions.
(xv) In our opinion the Term Loan have been applied for the purpose for which they were
raised .
(xvi) According to the information and explanation 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 by the company.
(xvi) During the period, the company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under section 301 of the
companies Act, 1956.
(xviii) The company did not have any debenture outstanding during the period.
(xix) The Company has not raised any money by public issues, therefore the provisions
of clause 4(xx) of the Companies (Auditors Report) order,2003 are not applicable to the
company.
(xx) According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the period.
FOR SANJAY J. MEHTA& CO.
Chartered Accountants
[SANJAY/MEHTA]
Proprietor
M.No.061862
F R NO. 325362E
Place : Kolkata
Date:23/05/2014
+91-9892691696
