1. We have audited the attached Balance Sheet of YASH MANAGEMENT &
SATELLITE LTD. as at 31st March 2012 and also the Statement of Profit
& 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.
2. 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 from material misstatement. An audit also
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 (as
amended) issued by the Central Government of India in terms of Section
227 (4A) 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 1
above, 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
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
c. The Balance Sheet, Statement of Profit & Loss Account and Cash Flow
Statement dealt with by this report, are in agreement with the books of
d. In our opinion, the Balance Sheet, Statement of 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.
e. On the basis of written representation received from the directors
of the company and taken on record by the Board of Directors, none of
the directors of the company is prime facie as at 31.03.2012
disqualified from being appointed as director of the company under
section 274 (1) (g) of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
notes thereon, give the information as required under 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;
i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March 2012.
ii) In the case of Statement of Profit & Loss Account, of the profit
for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
of YASH MANAGEMENT & SATELLITE LTD. For the year ended 31st March
1. (a) The company has maintaining proper records showing full
particulars, including quantitative details and situation of Fixed
(b) The Fixed Assets of the company have been physically verified by
the Management during the year in accordance with the regular programme
which in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
reportedly noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. (a) The Inventory have been physically verified by the management.
In our opinion the frequency of verification is reasonable. For stocks
lying in dematerialized form have been verified from the relevant
statement received from the depositories.
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and no material discrepancies were noticed on such physical
verification of Inventories as compared to book records.
3. The company has not granted or taken any loans, secured or
unsecured to/from Companies, firms or other parties listed in the
register maintained under Section 301 of the companies Act, 1956.
4. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the company and nature of its business for the purchase of
inventory and fixed Assets and for the sale of goods and services.
5. (a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the particulars of contracts or arrangements that need to
be entered into the register maintained under Section 301 have been so
(b) In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 exceeding the value of Five Lakh Rupees in
respect of any party during the year.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
during the year as stated in the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act 1956. Or the rules
framed there under.
7. The Company has an internal audit system commensurate with the size
of the company and nature of its business.
8. The maintenance of cost records under Section 209 of the Companies
Act, 1956 is not applicable to the Company.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed material statutory dues including Income Tax and other
statutory dues and there are no undisputed statutory dues outstanding
as at 31st March 2012, for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us there are no disputed amounts in
respect of various statues which have not been deposited.
10. As per records of the Company, the accumulated losses of the
Company are not more than fifty percent of its net worth as on 31st
March 2012. The Company has not incurred any cash losses during the
financial year covered by our audit as well as during the immediately
preceding financial year.
11. The Company avails of overdraft facility against the lien of its
own fixed deposits with Banks. During the year under reference the
company has not defaulted in repayment of its dues in this regard.
12. As explained to us the company during the year has not granted any
loans against securities or pledge of shares, debentures or other
13. The Company is not a chit fund or a nidhi/ mutual benefit fund or
14. The company has maintained proper records of the transactions and
contracts of its trading or dealing in securities and other investments
and timely entries have been made therein. All securities have been
held by the company in its own name except to the extent of exemption
granted under Section 49 of the Companies Act, 1956.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from bank
or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) is not applicable to the Company.
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 Company has used no funds raised on short- term basis for
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, during the year.
19. During the year covered by our audit report the Company has not
issued any debenture.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For Bansal Bansal & Co.
Firm Reg No. 100986W
Manoj Kumar Agarwal
Mumbai, 30th June 2012 M. No. 107624