We have audited the attached Balance Sheet of Shree Salasar Investments
Ltd., as at 31st March, 2012, the Profit and Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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;
iii. The Balance Sheet , Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of;
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 Companies Act, 1956;except AS-15 regarding Retirement benefits
treated on Cash basis.
v. On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanation given to us, the said accounts Subject to Para no.7 of
note A regarding non provision of retirement benefits amount is
unascertained and read together with other notes thereon given in Note
'A' give a true and fair view in conformity with the accounting
principles generally accepted in India:
a. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
b. In case of the Profit and Loss Account, of the loss for the year
ended on that date.
c. In case of the Cash Flow Statement , of the cash flow for the year
ended on that date
ANNEXURE TO THE AUDITOR'S REPORT
Annexure in terms of para 1 of our report of even date to the members
of SHREE SALASAR INVESTMENTS LTD. on the accounts for the year ended
31st March 2012.
la. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
lb. we are informed that Fixed Assets have been physically verified by
the management and no discrepancies were observed between book record
and physical verification.
lc. The Company has not disposed off substantial part of Fixed Asset
during the year to effect to its going concern.
2. During the year there is no inventory hence relevant clause is not
applicable.
3a. The Company has not granted loan, secured or unsecured to parties
covered in the Register maintained u/s. 301 of the Companies Act, 1956.
Hence provisions of sub clause (a) to (d) of clause 4(iii) of the
companies (Auditor's Report) Order, 2003 are not applicable to the
companies.
3b. The Company has not taken unsecured loan from parties covered u/s.
301 of the Companies Act, 1956. Hence relevant clause is not
applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for the purchase and sale of inventory, fixed assets and with
regard to the sale of goods/services. During the course of our audit,
we have not observed any continuing failure to correct major weakness
in internal controls.
5. As per information and explanations given to us there is no
transaction in the company that needs to be entered into register in
pursuance of section 301 of the Companies Act, 1956.
6. As per information and explanations given to us the company has not
accepted deposit from public in contravention of provisions of section
58A of the Companies Act, 1956.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to the information and explanations given to us,
maintenance of cost records have not been prescribed by the Central
Government under Section 209(1) (d) of the Companies Act, 1956 with
regard to the nature of business of the company.
9a. The Company is regular in statutory dues including provident fund,
income tax, sales tax, wealth tax, custom duty, service tax, excise
duty, cess and any other material statutory dues wherever applicable
with the appropriate authorities
9b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears.. There are no
undisputed statutory dues outstanding for more than six months.
10. The company does not have accumulated loss at the financial year
and it has not incurred cash loss in the financial year but in the
financial year immediately preceding such financial year there was
accumulated loss of Rs.8,72,546 /-
11. According to information and explanations provided to us, the
Company has not taken any loan from bank. Hence relevant clause is not
applicable.
12. The company has not granted any loans or advance on the basis of
security by way of pledge of shares and debentures or any other
securities. Therefore, the provisions of clause 4(Xii) of the companies
(Auditor's Report) Order, 2003 are not applicable to the companies.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(Xiii) of
the companies (Auditor's Report) Order, 2003 are not applicable to the
companies.
14. The company is not dealing in shares and securities. Hence the
provisions of clause 4(Xiv) of the companies (Auditor's Report) Order,
2003 are not applicable to the companies.
15. The company has not given any guarantee for loans taken by others
from bank or financial institution. Hence, the provisions of clause
4(XV) of the companies (Auditor's Report) Order, 2003 are not
applicable to the companies.
16. Company has not taken any term loan. Hence relevant clause is not
applicable.
17. 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 no funds raised on short term basis have been used for long
term investment.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has not issued any debentures.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No. 109901W
S.L. AGRAWAL
PARTNER.
M.NO. 72184
PLACE: MUMBAI
DATED: 11 AUG 2012
