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Ajcon Global Ltd.

BSE Live

Feb 13, 16:00
22.80 0.70 (3.17%)
Volume
AVERAGE VOLUME
5-Day
283
10-Day
167
30-Day
1,192
30
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    22.10

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    22.10

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  • Offer Price (Qty.)

    0.00 (0)

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Ajcon Global is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of AJCON GLOBAL SERVICES LIMITED as at 31st March 2011 and also the Profit and 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. 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 of material misstatement. 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 the reasonable basis for our opinion. 1. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Central Government 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. 2. Further to our comments in the Annexure referred to in Paragraph 2 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 purposes 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; c) The Balance Sheet, Profit & Loss account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit & Loss account and Cash Flow Statement comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable to the Company; e) On the basis of written representations received from the Directors as on 31st March, 2011 and taken on records by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of clause (g) of the sub section (1) of the Section 274 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 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 lndia: i) In the case of Balance sheet, of the state of affairs of the Company as at 31st March 2011, ii) In the case of the Profit & Loss Account, of the profit for the year ended on that date; and iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS'' REPORT (Referred to in Paragraph (1) of our report of even date) 1. a) The Company has maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, physical verification of a major portion of fixed assets as at 31st March, 2011 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. c) Based on the information and explanation given by the management and on the basis of audit procedures performed by us, we are of the opinion that the Company has not disposed off substantial part of its fixed assets which could affect the going concern status of the Company. 2. In respect of inventories, a) Company''s inventory comprises of only the 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 frequency of such verification was reasonable. b) 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 record 3. In respect of loans, secured or unsecured, granted or taken by the Company to and from companies, firms or other parties covered in the Register maintained under Section 301 of the companies Act,1956; a) The Company has granted interest free unsecured loans and advance to a Subsidiary Company and an Associate Enterprise .At the year end the outstanding balance of such loans granted to Subsidiary Company was Rs 9.00 lacs and the Associate Company Rs. NIL. The maximum amount outstanding during the year was Rs.106.03 lacs. b) In our opinion the terms & conditions of such loans are prima facie not prejudicial to the interest of the Company. c) The loans given were not due for repayment at the year end; there fore thequestion of overdue principal amount does not arise. d) The Company has not taken any loan, secured or unsecured from Companies, Firms and other parties covered in the register maintained under section 301 of the Companies Act 1956 hence requirement of clauses 4(iii) (f) and (g) of the Companies (Auditors'' Report) order 2003 are not applicable. 4. 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 the nature of its business for the purchases of equipments and other assets and with regards to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. 5. a) To the best of our knowledge and belief and according to the information and explanations given to us by the management ,we are of the opinion that the transactions that need to be entered in to 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 explanation given to us the transactions made in pursuance of contracts and arrangements referred to in (a) above and exceeding the value of Rs.5.00 lacs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from public. 7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. 8. The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act 1956 for any of the services rendered by the Company. 9. According to the information and explanation given to us, the undisputed amounts payable in respect of taxes, wealth tax, service tax, sales tax, customs duty, excise duty, and any other statutory dues have generally been deposited regularly with the concerned authorities. Based on information furnished to us, there are no undisputed statutory dues as on 31st March, 2011 which are outstanding for a period exceeding six months from the date they became payable. 10. The Company does not have any carry forward losses and also not incurred cash loss either during the year or in the immediately preceding financial year. 11. According to the information and explanation given to us, the Company has not defaulted in scheduled repayment of dues to banks and financial institutions. 12. Based on our examination of the records and the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. However, as regards the client''s shares and securities taken as margin, the Company has maintained adequate documents. 13. In our opinion the Company is not a chit fund or a nidhi/ mutual benefit fund or society. 14. The Company is dealing and trading in securities ,derivatives and other instruments and has maintained proper records of the transactions and contracts and timely entries are made therein. All the shares, securities, debentures and other securities have been held by the Company in its own name except to the extent of exemption granted under Section 49 of the Act. 15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from Bank or Financial Institutions. 16. To the best of our knowledge and belief and according to the information and explanations given to us, no term loans were raised by the Company during the year; therefore question of utilization for stated purpose does not arise. 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 no funds raised on short- term basis have been used for long-term investment and vice versa. 18. During the year, the Company has not made preferential allotment to the 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 through public Issue during the year 21. According to the information and explanations given to us, 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 Proprietor M.No,16937 Address: 307, Tulsiani Chambers Nariman Point Mumbai, 400021 Tel:228530309 Tele-fax:66301318 Mumbai 30.05.2011