1. We have audited the attached Balance Sheet of TRC Financial
Services Limited, as at 31st March, 2012 and also the Statement of
Profit and Loss and the 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.
2. We have 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 misstatements. 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
3. 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 to the extent applicable to the company. ''
4. Further, to our comments in the Annexure referred to in paragraph 3
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 purposes of our
(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
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
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;
(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 explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, 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 31st March 2012;
b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flow of the
Company for the year ended on that date
ANNEXURE TO THE AUDITORS'' REPORT
(REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS
OF TRC FINANCIAL SERVICES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
31st MARCH 2012)
I. In respect of the fixed assets of the company:-
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets.
(b) The fixed assets of the Company have been physically verified by
the management at reasonable intervals. No material discrepancy has
been noticed on such verification.
(c) The company has not disposed off a substantial part of fixed assets
II. The Company does not have any stocks of finished goods, stores,
spare parts and raw materials and, therefore, Clauses (ii) of Paragraph
4 of Companies (Auditors Report) Order, 2003 are not applicable to the
III. During the year, the company has neither granted, nor taken any
loans, secured or unsecured to/from companies, firms, or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Therefore, the provision of clause (iii) of paragraph 4 of
Companies (Auditor Report) Order, 2003 are not applicable to the
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems, commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of the audit no continuing major weakness
has been noticed in the internal control system.
V. According to the information and explanations given to us, the
company has not entered into any contracts or arrangements, which are
required to be listed in the register maintained under Section 301 of
the Companies Act, 1956.
VI. The Company has not accepted any deposit from public during the
year, and has resolved not to accept public deposits in future. In our
opinion, the company has complied with the directives issued by the
Reserve Bank of India and the provisions of the Section 58A and 58AA or
any other relevant provisions of the act and the rules framed there
under, where ever applicable.
VII. In our opinion the company has an internal audit system
commensurate, with the size and nature of its business.
VIII. In our opinion, and according to information and explanations
given to us, the Central Government has not prescribed maintenance of
cost records under Section 209(1) (d) of the Companies Act, 1956.
IX. (a) The Provisions of Provident Fund Act and the Employees State
Insurance Act are not applicable to the Company.
(b) According to the records of the company, it is regular in
depositing with appropriate authorities undisputed statutory dues
including Investor Education and Protection Fund, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Cess and other statutory dues with the
(c) According to the information and explanations given to us, there is
no undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Sales Tax, Custom duty and Cess were outstanding as at
31st March, 2012 for a period of more than six months from the date
they became payable.
X. In our opinion, accumulated losses of the company are more than 50%
of it''s net worth. However the company had generated cash profit in
the financial year under report and in the immediate preceding
XI. The company has not defaulted in repayment of any dues to a
financial institution or bank or debenture holders.
XII. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
during the year.
XIII. The company is not a chit fund, nidhi or 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.
XIV. It has maintained proper records in respect of investments held as
long-term investments and are held in the name of the company.
XV. According to the information and explanations given to us, the
company has not given any guarantee during the year, for loans taken by
others from banks or financial institutions.
XVI. The company has neither raised any term loan during the year nor
any unutilised amount was left on this account, as at the beginning of
the year. Therefore the provisions of Clause 4 (xvi) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
XVII. According to the information and explanations given to us and on
overall examination of the Balance sheet of the company, we report that
the funds raised on short-term basis have not been used for long-term
XVIII. The company has not made any preferential allotment of equity
shares to any party during the year.
XIX. Neither any debentures were issued during the year nor any
creation of security nor charge is pending in respect of debentures
XX. The company has not raised any money by public issue during the
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no frauds on or by the
company was noticed or reported during the year.
For M/s ASP & Company
(Firm Regn No. 000576N)
Place : Mumbai (Pramod Tilwani)
Dated : 27.08.2012 Partner