The Members of
AJCON GLOBAL SERVICES LTD.
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Ajcon GlobalServices Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
Management is responsible for the matters stated in section 134(5) of the CompaniesAct 2013 ("the Act") with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Accounting principlesgenerally accepted in India Including The Accounting Standard specified under section 133of the Act read with rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provisions of the act the accounting and auditingstandard and matters which are required to be included in the audit report under theprovisions of the act and the rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of Sub-section (11) of Section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act we report that:
i. We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books.
iii. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
iv. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with standard specified under section 133 of the Act read with the Rule7 of the Companies (Accounts) Rules 2014.
v. On the basis of written representations received from the Directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2015 from being appointed as a Director in termsof Section 164(2) of the Act.
vi. With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanation given to us:
a) The Company does not have any litigation which would impact its financial position.
b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
c) There has been no delay in transferring amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.
|Address: ||For BHATTER & CO. |
|307 Tulsiani Chambers ||Chartered Accountants |
|Nariman Point ||Firm Reg. No.131092W |
|Mumbai 400021 ||D.H. Bhatter |
|Tel: (022) 22853039 ||Proprietor |
|Fax: (022)66301318 ||Mem. No.: 016937 |
|Place: Mumbai || |
|Date : 30.05.2015 || |
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in paragraph 1 under the 'Report on Other Legal and RegulatoryRequirements' our report to the members of Ajcon Global Services Limited ("theCompany") for the year ended 31st March 2015.
We report that:
i. In respect of its fixed assets
a) The Company has been maintaining proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.
b) As explained to us physical verification of a major portion of fixed assets as at31st March 2015 was conducted by the management during the year. In our opinion thefrequency of physical verification is reasonable having regard to the size of the natureof its assets. No material discrepancies were noticed on such physical verification.
ii. In respect of inventories
a) The inventories have been physically verified by the management. In our opinion thefrequency of the verification of inventories is reasonable.
b) The Company's inventory comprises of only shares and securities. The Managementduring the year has physically verified those stocks which were not in dematerialized formand the rest were verified through Demat statements of depositaries. In our opinion theprocedure of such verification was reasonable and adequate considering the size andnature of its business.
c) c) The Company has maintained proper records of inventories. As explained to usthere was no material discrepancies noticed on physical verification of inventories ascompared to the book records.
iii. In respect of loans secured or unsecured granted by the Company to companiesfirms or other parties covered in the Register maintained under Section 189 of theCompanies Act 2013;
a) The Company has granted loan to subsidiary companies. The principal amounts arerepayable on demand at the discretion of the Company and no repayment schedule isstipulated.
b) In respect of the said loans and interest thereon there are no overdue amounts.
iv. In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the Company andnature of its business with regard to purchases of equipment and other assets and withregards to the sale of services. During the course of our audit we have not observed anymajor weakness in such internal control system.
v. In our opinion and according to the information and explanation given to us theCompany has not accepted deposits from the public to which provisions of Sections 73 toSection 76 or any other relevant provisions of the Companies Act 2013 and the Companies(Acceptance of Deposits) Rules 2014 as applicable. No order has been passed by theCompany Law Board / National Company Law Tribunal or Reserve Bank of India or any Court orany otherTribunal.
vi. In our opinion and according to the information and explanation given to usmaintenance of cost records under sub-section (1) of the Sectionl48 of the Companies Act2013 has not been prescribed by the government for any of the services rendered by theCompany.
vii. In respect of statutory dues:
a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax Duty of Customs Duty of Excise Value Added Tax Cess and other material statutorydues have generally been deposited with the concerned authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2015 for a period of more than six monthsfrom the date of becoming payable.
b) According to the records of the Company and information and explanations given tous no dues of income tax sales tax wealth tax service tax duty of customs duty ofexcise value added tax or cess that have not been deposited on account of any disputes.
c) According to the records of the Company and information and explanations given tous the company was required to transfer the sum of Rs. 135.33 thousand to InvestorEducation and Protection Fund and the same has been transferred to said Fund withinstipulated time in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules made thereunder.
viii. The Company does not have any accumulated losses. The company has not incurredcash losses during the financial year covered by our audit and in the immediatelypreceding financial year.
ix. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions and banks.
x. The Company has not given any guarantee for loans taken by others from Bank orfinancial institution and accordingly requirement of Paragraph 3(x) of the aforesaid Orderare not applicable to the Company.
xi. The Company has not raised term loans during the year.
xii. Based upon the audit procedures performed and information and explanations givento us by the management no fraud on or by the Company has been noticed or reported duringthe year.
| ||For BHATTER & Co |
| ||Chartered Accountants |
| ||Firm Reg. No.131092W |
| ||D. H. Bhatter |
|Place: Mumbai ||Proprietor |
|Date: 30.05.2015 ||Mem. No. 016937 |