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Sarthak Global Ltd.

BSE: 530993 Sector: Financials
NSE: N.A. ISIN Code: INE075H01019
BSE LIVE 10:15 | 02 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.00
PREVIOUS CLOSE 20.00
VOLUME 11
52-Week high 21.00
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 19.00
Sell Qty 41.00
OPEN 19.00
CLOSE 20.00
VOLUME 11
52-Week high 21.00
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 19.00
Sell Qty 41.00

Sarthak Global Ltd. (SARTHAKGLOBAL) - Auditors Report

Company auditors report

Independent Auditor Report

The Members Sarthak Global Limited INDORE

Report on the Financial Statements

We have audited the accompanying financial Statements of Sarthak Global Limited ("thecompany") which comprise the Balance Sheet as at March 31 2014 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant 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 atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the Accounting Standards notified in sub-section (3C) ofsection 211 of the . Companies Act 1956 ("the Act") read with the GeneralCircular 15/2013 dated 13lh September 2013 of the Ministry of Corporate Affairsin respect of section 133 of the Companies Act 2013. This responsibility includes thedesign implementation and maintenance of internal controls relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

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 risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal controls relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. An audit also include evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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 opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and (c) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.

Report on other Legal and other Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 ("the order")issued by the Centra! Government of India in terms of sub-section (4A) of section 227 ofthe Act we give in the annexure a statement on the matters specified in paragraphs 4and 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 ourknowledge 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 theCompany so far as appears from our examination of those books and proper returns adequatefor the purpose of our audit have been received from branches not visited by us.

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with books of account.

d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards notified under the Companies Act 1956 readwith the General Circular 15/2013 dated 13th September 2013 of.the Ministry ofCorporate Affairs in respect of section 133 of the Companies Act 2013.

e. on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of the Directors none of the directors isdisqualified as on March 31 2014 from being appointed as a director in terms clause (g)of sub-section (1) of section 274 of the Act.

f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Act nor has it issued any Rules under thesaid section prescribing the manner in which such cess is to be paid no cess is due andpayable by the Company.

. For Gupta & Ashok
Chartered Accountants
FRN: 02254C
Place: Indore
Date: 30.05.2014
CA Ashok Agrawal
(Partner)
M. No. : 071724

Annexure to Auditors' Report

Referred to in paragraph 3 of the Auditors' Report of even date to the members of M/sSARTHAK GLOBAL LIMITED on the Financial Statement for the year ending March 31 2014

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management in previous yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) During the year the company has not disposed off substantial part of fixed assets.

(ii) (a) The Company is acting as registrar & share'transfer agent. The Company hasshares as stock in trade although no transactions of Sales and Purchase in shares (stockin trade) was undertaken during the year. As explained to us inventories have beenphysically verified by the management during the year. In our opinion the frequency ofverification is reasonable having regard to the nature of business of the company.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us thecompany is maintaining proper records of inventory. No discrepancies were noticed onverification between the physical stocks and the books records.

(iii) (a) According to the information and explanations given to us during the yearthe company has granted unsecured loans to two (previous year two) companies covered inthe register maintained under section 301 of the Companies Act 1956. The Maximum amountinvolved during the year was Rs. 959.92 lakhs (Previous year Rs. 971.96 lakhs) and theyear-end balance of loans taken from such parties was Rs. 914.92 lakhs (Previous year Rs.959.92 lakhs).

(b) In our opinion loans have been given to companies or firm covered in the registermaintained under section 301 of the Companies Act 1956 are unsecured and interest freeand there are no covenants with regard to (he repayment of the loan hence to that extentit is prejudicial to interest of the company. It was explained that the loan was given outof interest free funds with the company.

(c) There is no receipts schedule for interest free loans given by the company. Hencethe provisions of clause 4(iii)(d) of the Companies (Auditor's Report) Order 2003 are notapplicable to the company. .

(d) According to the information and explanations given to us during the year thecompany has taken loan from three parties (previous year two) unsecured from companiescovered in the register maintained under section 301 of the Companies Act 1956. TheMaximum amount involved during the year was Rs. 433.02 lakhs (Previous year- 429.00 lakhs)and the year-end balance of loans taken from such parties was Rs. 429.86 lakhs (Previousyear 429.00 lakhs)

(e) In our opinion the rate of interest and other terms and conditions on which loanshave been taken from companies firms or other parties listed in the register maintainedunder section 301 of the Companies Act 1956 are not prima facie prejudicial to theinterest of the company.

(f) There-is no repayment schedule for interest free loans taken by the company.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the company andthe nature of its business for purchase of inventory and fixed assets and.for the sale ofshares/other securities and services. During the course of our audit no major weaknesshas been noticed in the internal control system.

(v) In respect of the contracts or arrangements referred to in Section 301 of theCompanies Act 1956:

(a) In our opinion and according to.the information and explanations given to us thetransactions made in pursuance of contracts or arrangements that need to be entered in theregister 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 thetransactions made in pursuance of contracts / arrangements entered in the Registermaintained under section 301 of the Companies Act 1956 were less than Rs. 500000/- andwere accounted for on reasonable basis.

(vi) According to the information and explanations given to us and on the basis of ourchecking during the course of audit the company has not accepted any deposits from thepublic during the year and consequently the directives issued by the Reserve Bank ofIndia the provisions of section 58A and 58 A A or any other relevant provisions of theCompanies Act 1956 and the rules framed there under are not applicable.

(vii) In our opinion the company does not have an internal audit system.

(viii) According to the information and explanation given to us the Central Governmenthas not prescribed maintenance of cost records under clause (d) of sub-section (1) ofsection 209 of the Companies Act 1956 as company is not engaged in business ofproduction processing manufacturing or mining activities.

(ix) The company is regular in depositing with appropriate authorities undisputedstatutory dues including income tax service tax cess and other material statutory duesapplicable to it.

(x) The company has not incurred any cash loss during the financial year covered by ouraudit and the immediately preceding financial year and has no accumulated losses.

(xi) The company did not have any outstanding dues to any financial institution banksor debenture holders during the year.

(xii) The company has not granted loans and advances on the basis of security by way ofpledge of shares debentures and other securities.

(xiii) In our opinion the company is not a chit fund or a nidhi or mutual fundsociety. Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Report)Order 2003 are not applicable to the company.

(xiv) Proper and timely records of the transactions and contracts relating to purchaseand sale of shares securities debentures and other investments have been maintained.These have been held by the company in its own name.

(xv) The company has not given any guarantee for loan taken by others during the years.Accordingly the provisions of clause 4(xv) of the Companies (Auditor's Report) Order2003 are not applicable to the company.

(xvi) The company has not obtained any term loans. Accordingly the provisions ofclause 4(xvi) of the Companies (Auditor's Report) Order 2003 are not applicable to thecompany.

(xvii) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company we report that no funds raised onshort-term basis have been used for long-term investment.

(xviii) The company has not made any issue of shares during the year.

(xix) The company has not issued debentures during the year.

(xx) The company has not made any public issue during the year.

(xxi) Based upon audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the course of our audit.

FOR GUPTA AND ASHOK
CHARTERED ACCOUNTANTS
FRN 02254C
ASHOK AGRAWAL
M.NO. 71274
(PARTNER)
Place: Indore
Date: 30.05.2014