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Ajcon Global Ltd.

BSE Live

Jan 24, 16:00
24.50 -0.50 (-2.00%)
Volume
AVERAGE VOLUME
5-Day
2,008
10-Day
1,816
30-Day
1,424
10
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    25.00

  • Open Price

    24.50

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    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Ajcon Global is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying standalone financial statements of Ajcon Global Services Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015 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 Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 principles generally accepted in India, Including The Accounting Standard specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 standalone financial statements based on our audit. We have taken into account the provisions of the act, the accounting and auditing standard and matters which are required to be included in the audit report under the provisions of the act and the rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 misstatements. 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 control 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31st March, 2015, and its profit and its 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, 2015 (the Order) issued by the Central Government of India in terms of Sub-section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143 (3) of the Act, we report that: i. We have sought and 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 books. 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 account. iv. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with standard specified under section 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014. v. On the basis of written representations received from the Directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015 from being appointed as a Director in terms of Section 164(2) of the Act. vi. With respect to the other matters to be included in the Auditor''s Report in accordance with the Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us: a) The Company does not have any litigation which would impact its financial position. b) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses. c) There has been no delay in transferring amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO AUDITORS'' REPORT The Annexure referred to in paragraph 1 under the ''Report on Other Legal and Regulatory Requirements'' our report to the members of Ajcon Global Services Limited (the Company) for the year ended 31st March, 2015. We report that: i. In respect of its fixed assets, a) The Company has been maintaining proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, physical verification of a major portion of fixed assets as at 31st March, 2015 was conducted by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the nature of its assets. No material discrepancies were noticed on such physical verification. ii. In respect of inventories, a) The inventories have been physically verified by the management. In our opinion, the frequency of the verification of inventories is reasonable. b) The Company''s inventory comprises of only shares and securities. The Management during the year has physically verified those stocks which were not in dematerialized form and the rest were verified through Demat statements of depositaries. In our opinion, the procedure of such verification was reasonable and adequate, considering the size and nature of its business. c) c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records. iii. In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013; a) The Company has granted loan to subsidiary companies. The principal amounts are repayable on demand at the discretion of the Company and no repayment schedule is stipulated. b) In respect of the said loans and interest thereon, there are no overdue amounts. iv. 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 nature of its business, with regard to purchases of equipment and other assets and with regards to the sale of services. During the course of our audit, we have not observed any major weakness in such internal control system. v. In our opinion and according to the information and explanation given to us, the Company has not accepted deposits from the public to which provisions of Sections 73 to Section 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 as applicable. No order has been passed by the Company Law Board / National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. vi. In our opinion and according to the information and explanation given to us maintenance of cost records under sub-section (1) of the Sectionl48 of the Companies Act, 2013 has not been prescribed by the government for any of the services rendered by the Company. vii. In respect of statutory dues: a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have generally been deposited with the concerned authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date of becoming payable. b) According to the records of the Company and information and explanations given to us, no dues of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise value added tax or cess that have not been deposited on account of any disputes. c) According to the records of the Company and information and explanations given to us, the company was required to transfer the sum of Rs. 135.33 thousand to Investor Education and Protection Fund and the same has been transferred to said Fund within stipulated time in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. viii. The Company does not have any accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. ix. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks. x. The Company has not given any guarantee for loans taken by others from Bank or financial institution and accordingly requirement of Paragraph 3(x) of the aforesaid Order are not applicable to the Company. xi. The Company has not raised term loans during the year. xii. Based upon the audit procedures performed and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the year. For BHATTER & Co Chartered Accountants Firm Reg. NO.131092W D. H. Bhatter Place: Mumbai Proprietor Date : 30.05.2015 Mem. No. 016937