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श्री रानी सती

बीएसई: 501267  |  NSE: N.A  |  ISIN:  |  Finance - Investments

खोजें श्री रानी सती कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
1. We have audited the accompanying financial statements of SHREE
 RANISATI INVESTMENT & FINANCE LIMITED, which comprise the Balance Sheet
 as at March 31, 2014, the Statement of Profit and 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
 
 2. Management is responsible for the preparation of these financial
 statements that give 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) read with the General
 Circular 15/2013 dated 13th September, 2013 of the Ministry of
 Corporate Affairs in respect of section 133 of the Companies Act, 2013.
 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
 
 3. 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.
 
 4. 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, but not for the purpose of expressing an opinion on
 the effectiveness of the entity''s internal control. 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.
 
 5. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 6. 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:
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2014;
 
 (b) In the case of the Statement of Profit and Loss, of the Profit 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.
 
 Emphasis of Matter
 
 7. We draw attention to Note 9 of Note No. 22 of the financial
 Statements which describe tt uncertainty of the outcome of the legal
 action taken by the Company against National Sp Exchange Limited (NSEL)
 in relation to the recovery of the outstanding of Rs. 793.70 La< (Net
 of Rs 52.73 Lacs recovered till 31st March, 2014) pertaining to the
 Commodities tradir transaction done on National Spot Exchange Limited
 (NSEL), and the provision if any will l considered at an appropriate
 time on the basis of resultant outcome of this matter till then it
 shown as good.
 
 Our Audit report is not qualified in respect of this matter.
 
 Report on Other Legal and Regulatory Requirements
 
 8. As required by the Companies (Auditor''s Report) Order, 2003; as
 amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of section 227 of the Act (hereinafter referred to as the Order),
 and on the basis of such checks of the Books and records of the Company
 as we considered appropriate and according to the information and
 explanations given to us, we give in the Annexure a statement on the
 matters specified in paragraphs 4 and 5 of the Order.
 
 9. As required by section 227(3) of the Act, we report that:
 
 a. we have obtained ail 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 read with the
 General Circular 15/2013 dated 13th September, 2013 of the Ministry of
 Corporate 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 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, 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 INDEPENDENT AUDITORS REPORT Annexure referred to in
 Paragraph 8 of the Auditors'' Report of even date to the Members of
 SIIREE RANISAT1 INVESTMENT & FINANCE LIMITED on the Financial
 Statements as of and for the year ended 31st March, 2014.
 
 1. (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) As explained to us, the fixed assets of the company have been
 physically verified by the management during the year and no material
 discrepancies were noticed on such verification. In our opinion, the
 frequency of verification is reasonable.
 
 (c) In our opinion, and according to the information and explanations
 to us, No substantial part of fixed assets has been disposed off during
 the year, which has bearing on going concern assumptions.
 
 2. (a) The inventory of the Company have been physically verified by
 the Management during the year. In our opinion the frequency of
 verification is reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the Management are reasonable and adequate in
 relation to the size of the Company and nature of its business.
 
 (c) On the basis of our examination of the Inventory records, in our
 opinion the Company is maintaining proper records of the inventories.
 The discrepancies noticed between the physical stock and book stocks
 were not significant and the same have been properly dealt with in the
 Books of Account.
 
 3. (a) The Company has granted unsecured loans to 2 Company, covered in
 the Register maintained under section 301 of the Companies Act, 1956.
 The maximum amount involved during the year was Rs. 2,79,00,000/- and
 the year end balance of loan granted to such parties was Rs. NIL.
 
 (b) In our opinion, the rate of interest wherever applicable and other
 terms & conditions on which loans have been granted to such party
 listed in the register maintained under section 301 of the Companies
 Act, 1956 are not prima-facie, pre-judicial to the interest of the
 Company.
 
 (c) Payment of Principal amount and interest are regular wherever
 stipulated.
 
 (d) In respect of loans granted to such party listed in the register
 maintained under section 301 of the Companies Act, 1956, these are
 repayable on demand and hence the question of overdue amounts does not
 arise.
 
 (e) The Company has taken unsecured loans, from lparty, covered in the
 register maintained under section 301 of the Companies Act, 1956.The
 maximum amount involved during the year was Rs. 57,00,000/- and
 year-end balance of loan taken from such party was Rs. NIL. ,
 
 (f) In our opinion the rate of interest wherever applicable and other
 terms and conditions on which Loans have been taken from the Companies,
 listed in the register maintained under section 30.1 of the Companies
 Act, 1956 are not prima facie, prejudicial to the interest of the
 Company;
 
 (g) There is no stipulation regarding repayment of principal and
 interest on unsecured loan taken from companies covered under section
 301 of the Companies Act, 1956.
 
 4. In our opinion, and according to the information and explanations
 given to us, there is an adequate Internal Control system commensurate
 with the size of the Company and the nature of its business. Further on
 the basis of our examination of the Books and records of the Company
 and according to the information and explanation given to us, we have
 neither come across, nor have been informed of, any continuing failure
 to correct major weaknesses in the aforesaid Internal control System.
 
 5. In our opinion and according to the information and explanations
 given to us there are no particulars of contract or arrangements that
 need to be entered in to a register maintained under section 301 of the
 Companies Act, 1956 and accordingly provision of clause (b) of the
 order is not applicable.
 
 6. The Company has not accepted any deposits from the public to which
 the provisions of section 58A, 58AA and any other provision of the
 Companies Act, 1956 and the rules framed there under apply.
 
 7. We have been informed that, as the Company''s internal control
 system ensures reasonable checking of its financial and other records.
 The Company has not yet started a formal Internal Audit Department.
 
 8. (a) According to the information and explanations given to us, the
 provisions of Provident Fund, Investor Education and Protection Fund,
 State Insurance and Sales Tax are not applicable to the company.
 However, the company is regular in depositing income tax, Wealth Tax,
 Service tax and any other statutory dues with the appropriate
 authorities and there are no undisputed amounts payable for the same
 were outstanding as at 31st March, 2014 for a period exceeding six
 months from the date they became payable;
 
 (b) According to information and explanations given to us there are no
 dues of income tax, wealth tax, Service tax and any other statutory
 dues, which have not been deposited on account of any dispute.
 
 10. The Company has not incurred any cash losses during the current
 Financial Year However cash losses has been incurred in the immediately
 preceding Financial Year and its accumulated losses are Nil at the end
 of the Current Financial Year.
 
 11. The Company has not granted any Loans and Advances to any party on
 the basis of Security by way of pledge of shares, debentures and other
 securities and accordingly tire provisions of clause 4 (xii) of the
 order are not applicable to the securities.
 
 12. The company is not a chit fund or a Nidhi/mutual benefit
 fund/society and accordingly the provisions of clause 4 (xiii) of the
 order are not applicable to the Company.
 
 12. (a) In our opinion and according to the information and
 explanations given to us, the companies business is of finance and
 investments in Shares & securities and proper records of the
 transactions and contracts have been maintained and proper entries have
 been made by the company;
 
 (b) According to the information and explanation given to us, the
 shares, securities, debentures and other investment have been held by
 the Company, in its own name.
 
 13. In our opinion, and according to the information and explanations
 given to us, the Company has not given any guarantee for loans taken by
 other parties from Bank and Financial Institutions during the year and
 accordingly the provisions of clause 4 (xv) of the order are not
 applicable to the Company.
 
 14. According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we report that
 the funds raised on short term basis have prima facie not been used for
 Long-term Investments.
 
 15. The company has not made any preferential allotment of shares to
 parties or companies covered in the register maintained under section
 301 of companies act, 1956 during the year and accordingly the
 provisions of clause 4 (xviii) of the order are not applicable to the
 Company.
 
 16. The company has not issued any debentures during the year and does
 not have any debentures outstanding as at the beginning of the year and
 at the year end and accordingly the provisions of clause 4 (xix) of the
 order are not applicable to the Company.
 
 17. The company has not raised any money by way of public issue during
 the year and accordingly the provisions of clause 4 (xx) of the order
 are not applicable to the Company.
 
 18. The Company has filed Representative law suit in the High court of
 Bombay for recovery of outstanding of Rs. 793.70 Lacs (Net of Rs 52.73
 Lacs recovered till 31st March, 2014) alleging fraud on the company by
 the promoters of the National Spot Exchange Limited (NSEL). Except for
 this, no other fraud on or by the company were noticed or reported
 during the course of our audit for the year that causes the financial
 statements to be materially misstated.
 
 19. Matters Specified in Clauses 4 (viii), 4 (xi), and 4 (xvi) of the
 said Order are either Nil or Not Applicable to the
 
 
                                           For M.L. SHARMA & CO.
 
                                          FIRM REG. NO. 109963W
 
                                          CHARTERED ACCOUNTANTS
 
 Place of Signature: Mumbai               (C. H. BANDI) PARTNER
 
 Date: 5 MAY 2014                            Membership No.5385
 
स्रोत: रेलीगरे टेचनोवा

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