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Aar Shyam (India) Investment Company Ltd.

BSE: 542377 Sector: Financials
NSE: N.A. ISIN Code: INE512R01010
BSE 00:00 | 26 Feb Aar Shyam (India) Investment Company Ltd
NSE 05:30 | 01 Jan Aar Shyam (India) Investment Company Ltd
OPEN 13.80
PREVIOUS CLOSE 13.80
VOLUME 5
52-Week high 13.80
52-Week low 11.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 13.80
Buy Qty 30.00
Sell Price 11.00
Sell Qty 943.00
OPEN 13.80
CLOSE 13.80
VOLUME 5
52-Week high 13.80
52-Week low 11.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 13.80
Buy Qty 30.00
Sell Price 11.00
Sell Qty 943.00

Aar Shyam (India) Investment Company Ltd. (AARSHYAMI) - Auditors Report

Company auditors report

'To The Members of M/S AAR SHYAMINDIA INVESTMENT COMPANY LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of AAR SHYAM INDIA INVESTMENTCOMPANY LIMITED which comprise the Balance Sheet as at 31st March2013 the statement ofProfit and Loss for the year then ended and a summary of the significant accountingpolicies and other explanatory information.

Management's Responsibility for the financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performancein accordance with the Accounting Standards referred to in Section 211 (3C) of theCompanies Act 1956 and in accordance with the accounting policies generally accepted inIndia This responsibility includes the design Implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors 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 andthe disclosures in the financial statements. The procedure selected depends on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch2013 and;

(b) in the case of the Statement of Profit and Loss of the Company for the year endedon that date.

Report on Other Legal and regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 issued by the CentralGovernment in the terms of Section 227(4A) of the Act we give in the Annexure a statementon 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 purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by the

Company so far as it appears from our examination of those books

(c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Reportare in

agreement with the books of account.

(d) In our opinion the Balance Sheet and the Statement of Profit and Loss and CashFlow

Statement comply with the Accounting Standards referred to in Section 211 (3C) of theAct.

(e) On the basis of the written representations received from the directors as on3T‘

March 2013 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2013 from being appointed as a director in terms of Section274(1) (g) of the Act.

For Hari Bhushan & Chartered Accounts

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulat- ory requirements" of our report of even date to the members of ContinentalChemicals Limited on the accounts for the year ended March 31st 2013. WeReport that:

i) In respect of its fixed assets:

The company does not own any fixed assets.

ii) In respect of its inventories:

The company does not own any inventory.

(lii) In respect of loans secured or unsecuredgranted or taken by the company to/fromcompanies

firms or other parties covered in the register maintained under section 301 of the act:

(a) The Company has not granted or taken loan from Companies covered in the registermaintained under section 301 of the Companies Act 1956.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand nature of its business with regard to purchase of fixed assets and other assets.During the course of our Audit we have not observed any continuing failure to correctmajor weakness in internal controls.

(v) (a) According to the information and explanations given to us we are of theopinion that the

transactions that need to be entered in to the register maintained under section 301 ofthe Companies Act 1956 have been so entered

(b) In our opinion and according to the information and explanation given to us thetransactions made in pursuance of contracts or arrangements entered in to the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of Rs.Five lacs have been made at the prices which are reasonable having regard to prevailingmarket prices at the relevant time

(vi) Based on our scrutiny of the company's records and according to the informationand explanations provided by the management in our opinion the company has not acceptedany loans or deposits which are 'deposits' within the meaning of Rule 2(b) of theCompanies (Acceptance of Deposit's) Rules 1975.

(vii) The company has Internal Audit System commensurate with its size and nature ofits business.

(viii) In terms of clause (d) of subsection (1) of the section 209 of the CompaniesAct 1956 the Central Government has not prescribed maintenance of cost records by thecompany

(ix) (a) According to the information and explanations given to us and to the best ofour knowledge the Company has been regular in depositing with appropriate authoritiesundisputed statutory dues including Income-tax Wealth Tax Sales Tax Custom Duty andExcise Duty and any other statutory dues applicable to it.

(b) According to the information and explanations given to us and to the best of ourknowledge the Company has no undisputed amounts payable in respect of Income-tax WealthTax Sales Tax Custom Duty and Excise Duty which have remained outstanding as at March31st 2013 for a period exceeding six months from the payable

(c) According to the information and explanations given to us there are no dues ofsales tax income tax Custom Duty wealth tax cess and Excise Duty which have not beendeposited on account of any dispute

(x) our opinion the accumulated losses of the Company are not more than 50% of itsnet- worth. The Company has not incurred cash losses in the financial year immediatelypreceding such financial year.

(xi) In our opinion and according to the information and explanation given to us TheCompany has not defaulted in repayment of dues to a financial institution bank ordebenture holders

(xii) The Company has not granted any loans and advances on the basis of security byway of pledge of shares debentures and other securities.

(xiii) The special statutes applicable to Chit Fund Nidhi or Mutual Benefit Societyare not applicable to the Company.

(xiv) The Company has dealt in or traded in shares securities debentures or otherinvestments.

(xv) According to the records of the company and the information and explanationprovided by the management the company has not given any guarantee for loans taken byothers from bank or financial institutions.

(xvi) According to the records of the company the company has not obtained any termloans Hence comments under the clause are not called for.

(xvii) According to the information and explanations given to us and on overallexamination of the Balance Sheet of the Company we report that the no funds raised onshort - term basis have been used for long term investment. No long-term funds have beenused to finance short term assets except permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to the partiesand the Companies covered under section 301 of the Companies Act.

(x^x) The Company has not issued debentures during the year.

(xx) The company has not raised any money by public issues during the year.

(xxi) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the year.

for Hari Bhushan & Chartered Accountant; FirmTteg^N^007618(

(CAMlari Bhushan): Proprietor

Membership No.: 07668

Place: New Delhi