We have audited the attached Balance Sheet of Integrated Financial
Services Limited as an 30th March, 2012 and also the Profit and Loss
Accounts 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. These standards required that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statement are free of material misstatement. An audit include
examining, on a test basis, evidence supporting the amounts and
disclosures in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
1)As required by the Companies (Auditors Report) order, 2003 issued by
Government of India in terms of Sub-Section (4A) of section 227 of the
Companies Act, 1956, we enclose in the Annexure, a statements on the
matters specified in paragraph 4 and 5 of the said order.
2)Further to our comments in the Annexure referred to above, we report
i)We have obtained all the information and explanation which to the
bets of our knowledge and belief were necessary for the purpose of our
ii) in our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
iii) The Balance Sheet profit & Loss Account and Cash Flow Statement
deals with by this report are in agreement with the books of accounts.
iv) In our opinion, Balance Sheet, Profit & Loss Accounts and cash Flow
Statements deal with by this report comply with the Accounting
Standards reffered is in sub-section(3C) of section 211 of the
Companies Act, 1956.
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 directors in terms of clause(g) of sub
section (i) as Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, they said accounts give the information
required read together with other notes given in schedule 10, gives a
true and fair view in conformity with the accounting principle
generally accepted in India:
a) In the case of the balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012.
b)In case of profit & Loss Accounts of the profit for the year ended on
that date and c)in that case of Cash Flow Statements, of the Cash Flows
of Company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
Statement referred to in paragraph (1) of our report of even date to
the members of the Integrated Financial Services Limited on the
accounts for the year ended 31st March, 2012.
1. (a)The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
(b)The Fixed Assets have been physically verified by the management
during the year and there is also 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) no substantial part of fixed assets have been disposed off during
2. The company does not have any inventory during the year.
3.(a) The company has given loans to the companies, firms and other
parties listed in the register maintained under section 301 of the
Companies Act, 1956.
(b)The company has not taken any loans, secured or unsecured from the
companies, firms and other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the company and nature of its business with regard to
purchases of inventory, fixed assets and with regard to the sales of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls.
5.(a) According to the information and explanations given to us, we are
of the opinion that the transaction that need to be entered into the
register 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, the transaction made in pursuance of contrast or
arrangement entered in the register maintained under section 301 of the
company Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of section 58A and 58AA of the Companies Act, 1956.
7. In our opinion, the company has internal audit system commensurate
with the size and nature of the business.
8. As explained to us the central government has not prescribed the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 in the ease of the company.
9. (a)The company is not covered under provident fund and the ESI Act.
(b) According to information and explanations given to us. No
undisputed amounts is payable in respect of Income Tax, Sales tax,
Custom Duty and excise Duty were in arrears, as at 31.3.2012 for a
period of six months from the date they became payable.
10. There are no accumulated losses at the end of financial year. The
company has also not incurred cash losses during the financial year
covered by our audit preceding financial year.
11. In our opinion and accordance to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank.
12. According to information & explanation given to us the company ha
not given any loan and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. The Company is not a chit fund therefore, the provisions of clause
4 (iii) of Companies(Auditors report) Order, 2003 are not applicable to
14. In our opinion, the company has maintained proper records of
transactions and contracts in respect of trading in securities,
debentures and investments. And timely entries have been made therein.
All shares and debentures and other investment have been held by the
company in its name.
15. According to the information & explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The company has raised any term loan during the year.
17. Accordance to the information and explanations given to us and on
overall examination of the company, we report that the no funds raised
on short term basis have been for long term investment. No long term
funds have been used to finance short term assets.
18. According to the information and explanation given to us, the
company has not made preference allotment of share to parties and
companies during the year, covered in the register maintained under
section 301 of the Act.
19. The company has not issued debentures during the year.
20. The Company has not raised any money through public issue during
21. According to the information and explanations given to us, no fraud
on by the company has been noticed or reported in the course of our
For Dua & Kumar
Membership No. 85757
Place: NEW DELHI