Mar 31, 2010
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.
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
Mar 31, 2008
1 We have audited the attached Balance Sheet of AASUEESH SECURITIES
LIMITED as at 31st March, 2000 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 æ 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, 19-56, 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) Tn 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,195G.
(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, 2007 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, 2000:
(ii) in the case of Profit & Loon 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS OF AASIIEESH SECURITIES LIMITED
1. The Company donot own any Fixed Assets. Therefore, the requirement
of maintenance of record3 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 discrepancies 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 (1B) of section
370 of the Companies Act, 1956.
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 (1B) of Section 370 of
the Companies Act, 1956.
6. In our opinion and according to the information and explanation
Riven 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 Companion 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.
The Company has not accepted any deposit from the . public ana
consequently the provisions of Section 5a A of the Cnmpanies 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. According to the records of the Company, Providend Fund and
Employees State Insurance are not applicable to the Company.
11. 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, duos which have remained outstanding as at 31st March,
2008 for period æ of more than six months from the date they became
payable. Disputed income-tax amounting to Rs. 1,62,93,105/- has not
been " deposited since the matter is pending with the Income-tax
Appellate Authorities.
12. 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.
13. 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.
14. The provisions of any special statutes applicable to Chit Fluids,
Nidhi or Mutual Benefit Society do not apply to the Company.
15. 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.
16. 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.
17. 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
(A.K.Gupta)
Partner
Membership no. 89479
Place : JAGADHRI
Dated : 31st May,2003