Gazi Financial Services and Investments Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2013

We have audited the accompanying financial statements of Gazi Financial Services & Investments Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s 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.

Auditor''s 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 auditor''s 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 Company''s 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.

Opinion

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 subject to Note no 17B(4):

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on other Legal Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (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, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, 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 THE AUDITORS'' REPORT (Referred to in Paragraph (3) of our report,of even date)

1. a. The Company has maintained proper records of Fixed Assets.

b. As per information and explanation given to us, the Fixed Assets of the Company have been physically verified by the Management.

c. During the year, Company has not disposed off substantial / major part of fixed assets which affects the going concern status of the Company.

2. According to information and explanation given to us, the company does not have any trade inventory.

3. a. According to the information and explanation given to us, the company has not

granted any loan to any company, firm or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

b. According to the information and explanation given to us, the company has taken loan from one person as mentioned in the register maintained under section 301 of the Companies Act, 1956. Further, the amount involved in the transaction isRs.2,38,881 (Previous YearRs. 1,89,881/-).

c As per information and explanation given to us, the above loans are interest free and the other terms and conditions of such loans, in our opinion, are prime-facie, not prejudicial to the interest of the company.

d. The above are payable on demand

4. In our opinion and according to information and explanation given to us, internal control procedures are commensurate with the size of the company and the nature of its business with regard to fixed assets and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control systems.

5. On the basis of examination of books of accounts and according to information and explanation given to us, we are of the opinion that the company has not entered into any contract that is required to be entered into the register in pursuance of section 301 of the Companies Act, 1956. Hence, the provisions of clause 4(v) of the aforesaid Order are not applicable to the company.

6. In our opinion and according to information and explanation given to us, the company has not accepted any deposit from public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under, hence the provisions of clause (vi) of the order is not applicable.

7. In our opinion, the company has an internal audit system commensurate with the size of the Company and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209(1 )(d) of for the Companies Act, 1956, hence the provisions of clause (viii) of the aforesaid order is not applicable.

9. According to information and explanations given to us and the records examined by us, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues. However, provisions of investor education and protection fund, employees'' state insurance, custom duty, excise duty, cess are not applicable.

10. The accumulated losses at the end of the financial year are more than fifty percent of company''s net worth. Further, the company has incurred cash losses during the financial year. However, it has not incurred any cash losses in the immediately preceding financial year.

11. According to information and explanations given to us and the records examined by us, the company does not have any dues to financial institutions or bank, hence the provisions of clause(xi) of the aforesaid Order is not applicable.

12. According to information and explanation 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.

13. In our opinion the Company is not a Chit fund or a nidhi / mutual benefit fund /society.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Hence, the provisions of clause 4(xiv) of the aforesaid Order are not applicable to the company.

15. According to information and explanation given to us, the company has not given any guarantee for any loans taken by others from any financial institutions or bank.

16. In our opinion and according to information and explanation given to us, the company has not obtained any loans. Hence, the provisions of clause 4(xvi) of the aforesaid Order are not applicable to the company.

17. According to information and explanations given to us, and on an overall examination of the balance sheet of the company, we are of the opinion that the company has not raised any funds on short term basis. Hence, the provisions of clause 4(xvii) of the aforesaid Order are not applicable to the company.

18. According to information and explanations given to us, the company has not made any preferential allotment of shares during the year. Therefore, the provisions of clause 4(xviii) of the aforesaid Order are not applicable to the Company.

19. As the company has not issued any debentures, provisions of clause 4(xix) of the aforesaid Order are not applicable.

20. As the company has not raised any money by way of public issue, provisions of clause (xx) of the aforesaid Order are not applicable.

21. As per the information and explanation given by the management and the audit procedures performed for expressing opinion on financial statements, we report that no fraud on or by the company has been noticed or reported during the course of audit.

For D.N. KANABAR & CO Chartered Accountants FRN: 104698W .

Deepak Kanabar (Proprietor) Membership No 041157

Date: 29th May, 2013 Place: Mumbai

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Gazi Financial Services & Investments Limited as at 31st March 2010, and also the Profit and Loss Account 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 the auditing standards generally acceptable in India. These 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 (The Act), 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 purpose 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and 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 Act;

(v) On the basis of the written representations received from the directors as on 31" December 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31" March 2010, from being appointed as a director in terms of the clause (g) of sub-section (1) of section 274 of the Act;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon, give the information required by the Act, in the manner so required and give 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 31" March 2010;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Re: Gazi Financial Services & Investments Limited)

(REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE)

In terms of the information given to us and the books of and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

I. (a) The company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets.

(b) The Fixed Assets have been physically verified by the Management during the year. We have been informed that no material discrepancies were noticed on such physical verification. None of the fixed assets are revalued during the year.

(c) No substantial part of fixed assets has been disposed off during the year, which will affect its status as going concern.

II. The company does not have any inventories, hence sub clause (a), (b) & (c) are not applicable to the company for the year.

III. The company has not granted any loans, whether secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act, hence sub clause (a),(b), (c) & (d) are not applicable to the company for the year Further the company has not taken any loans, whether secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act, hence sub clause (e), (I) & (g) are also not applicable to the company for the year.

IV. In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of its business with regard to the services rendered by the company. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V. The company has not entered into any contracts or arrangements, referred to in section 301 of the Act, which needs to be recorded, and hence clause (a) & (b) are not applicable to the company for the year.

VI. It has been observed that the company has not accepted any deposits from the public under the provisions of sections 58A and 58AA or any relevant provisions of the Companies Act, 1956 and the Companies (Acceptance and Deposits) Rules, 1975. Since, the company has not accepted any deposits, therefore there are no litigations pending or any order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal against the company.

VII. The company does not have an internal audit system commensurate with the nature of business.

VIII. In our opinion and according to the information and explanations given to us, Central Government has not prescribed the maintenance of cost records under section 209 (1)(d) of the Act, in case of the Company.

IX. (a) According the information and explanation given to us the company is regular in depositing

undisputed statutory dues including Provident Fund , Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, cess and any other material statutory dues with the appropriate authorities, applicable to the company have generally been regularly deposited with the appropriate authorities. There were no arrears, as at 31" March, 2010 for a period of more than six months from the date they became payable.

(b) According the information and explanation given to us, there are no dues of, Income-tax/Sales tax /Wealth-tax/Service tax/Custom duty/Excise duty/cess which have not been deposited on account of any dispute.

X The company has accumulated losses at the end of the financial year, which are more than fifty per

cent of its net worth, but during the current financial year the company has not incurred cash loss.

XI. The company has not borrowed any funds from financial institution or bank or debenture holders.

XII. 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 a Chit fund or a Nidhi, Mutual benefit fund/ Society.

XIV In our opinion, the company is not dealing in or trading in Shares, Securities, Debentures and other investments.

XV. The company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. The company has not taken any term loans during the year.

XVII. No funds have been raised on short-term basis during the year.

XVIII. The company has not made any preferential allotment of shares during the year. XIX The Company has not issued any debentures during the year.

XV. The Company has not made any public issue during the year.

XVI. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that no fraud on or by the company was noticed or reported during the year.

For M. K. Gohel & Associates

Chartered Accountants (FRN 103256W)

Mukesh K. Gohel

Proprietor

M. No. 038823

Place: Mumbai,

Date :29th August, 2010.