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Ankush Finstock | Auditor's Report > Finance - Leasing & Hire Purchase > Auditor's Report from Ankush Finstock - BSE: 531519, NSE: N.A
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Ankush Finstock
BSE: 531519|ISIN: INE784D01015|SECTOR: Finance - Leasing & Hire Purchase
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Mar 12
Auditor's Report (Ankush Finstock) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Ankush
 Finstock Limited, which comprise the Balance Sheet as at March 31, 2013
 and 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
 
 Management is responsible for the preparation of these financial
 statements that give a 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. 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
 
 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. 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
 controls 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. 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. We believe that the
 audit evidence we have obtained is sufficient and appropriate to
 provide a basis for our audit opinion.
 
 Opinion
 
 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, 2013;
 
 (b) In the case of statement of Profit and Loss, of the profit/ loss
 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.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on 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 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 and proper returns adequate for the purposes 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 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;
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956:
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 (1) (a) In our opinion and according to the information and explanation
 given to us, the company has maintained all the relevant records
 showing full particulars, including quantitative details and situation
 of fixed assets.
 
 (b) As explained to us, the Fixed Assets have been physically verified
 by the management during the year.  There is a regular program of
 verification which in our opinion is reasonable having regard to the
 size of the company and the nature of its assets. No material
 discrepancies were noticed on such verification.
 
 (c) During the year as the Company has not disposed off the Fixed
 Assets, hence clause 1(iii) of the Order is not applicable.
 
 (2) (a) According to the information & explanations given to us, the
 Physical verification of shares has been followed by the management at
 reasonable intervals.
 
 (b) In our opinion and according to the information and explanation
 given to us, the procedure of physical verification of stock of Shares
 followed by the management is reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 (c) According to the information and explanation given to us, the
 company is maintaining proper records of inventory of shares. No
 material discrepancies were noticed on physical verification.
 
 (3) (a) According to the information and explanation given to us and
 the records produced to us for our verification, the company has not
 granted loans to any parties covered in the register maintained under
 section 301 of the Companies Act, 1956,hence the provisions of clause
 4(iii) (a) to (d) of the companies ( Auditor''s Report ) Order, 2003 are
 not applicable to the company.
 
 (b) According to the information and explanation given to us, the
 company has not taken interest free unsecured loans from any parties
 covered in the register maintained under section 301 of the Companies
 Act, 1956. Hence the provisions of clause 4 (iii) (f) to (g) of the
 Companies ( Auditors Report) Order, 2003 are not applicable to the
 Company.
 
 (4) In our opinion and according to the information and explanation
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchase of share, and with regard to the sale of shares. During the
 course of our audit, no major weaknesses have been noticed in the
 internal controls.
 
 (5) (a) In our opinion and according to the information and explanation
 given to us, the transactions for the year that needed to be entered
 into the register maintained under section 301 of the Companies Act,
 1956, have so been entered.
 
 (b) In our opinion and according to the information and explanation
 given to us, the transactions made in pursuance of the contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies Act, 1956 and exceeding the value of five lakhs rupees in
 respect of any party during the year have been reasonable having regard
 to the prevailing market prices at the relevant time.
 
 (6) In our opinion and according to the information and explanation
 given to us, the company has not accepted any deposits from the public
 within the meaning of section 58A and 58AA of the Companies Act, 1956
 and the rules framed there under.
 
 (7) In our opinion the company has internal audit system commensurate
 with the size & nature of its business.
 
 (8) To the best of knowledge and according to the information given to
 us, the Central Government has not prescribed maintenance of cost
 records under section 209 (1) (d) of the Companies Act, 1956, for any
 of the products of the Company.
 
 (9) According to the information and explanations given to us and
 according to the books and records as produced and examined by us, in
 our opinion, the company is regular in depositing undisputed statutory
 dues including Provident Fund, Service Tax , Investor education
 protection fund and Income Tax. As informed to us provisions of
 Employee State Insurance, Sales Tax, Wealth Tax, Custom duty are not
 applicable to the company.
 
 (10) In our opinion, the accumulated losses of the company are more
 than fifty percent of its net worth. The company has not incurred cash
 losses during the financial year ended on 31st March, 2013, covered by
 our audit, however, the company has incurred cash loss in immediately
 preceding financial year.
 
 (11) As the Company has not availed term loan from bank/financial
 institution, provisions of clause 4(xi) of the Order are not applicable
 to the Company.
 
 (12) According to the information & explanation given to us, the
 company has not granted loans and advances on the basis of security by
 way of pledge of shares, debentures and other securities.
 
 (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
 company.
 
 (14) According to the information & explanations given to us and on the
 basis of examination of records of the company, proper records have
 been maintained in respect of the transactions and contracts of shares,
 securities debentures and other investments and timely entries have
 been made therein.
 
 (15) According to the information & explanations given to us and on an
 overall examination we report that the company has not given any
 guarantee for loans taken by others from banks or financial
 institutions.
 
 (16) 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 company has not taken any term loans during the year.
 
 (17) Based on the information and explanations given to us and on an
 overall examination of the balance sheet and cash flows, the company
 has not utilized funds raised on a short term basis for long term
 investment.
 
 (18) According to the information and explanation given to us, the
 company has not made preferential allotment of shares to parties and
 companies covered in the register maintained under section 301 of the
 Companies Act, 1956.
 
 (19) The Company has not issued any debentures during the year.
 
 (20) The company has not raised any money by way of public issue during
 the year.
 
 (21) According to the information and explanation given to us, no fraud
 on or by the company has been noticed or reported during the year.
 
                                 For, DJNV & CO.
 
                                 Chartered Accountants
 
                                [Firm Reg. No.: 115145W]
 
 Place : Ahmedabad              [JAYESH PARIKH]
 
 Date : 28.05.2013               Partner
 
                                 Membership No.: 40650
Source : Dion Global Solutions Limited
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