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Ajcon Global Ltd.

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Feb 13, 16:00
22.80 0.70 (3.17%)
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283
10-Day
167
30-Day
1,192
30
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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 financial statements of Ajcon Global Services Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, 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 preparation of these 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 Standards referred section 211(3C) of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13.09.2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 misstatement. 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; (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 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, 2003 (the Order) issued by the Central Government of India in terms of section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, 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 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to section 211(3C) of the Companies Act, 1956 and the General Circular 15/2013 dated 13.09.2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. (e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. ANNEXURE TO AUDITORS'' REPORT The Annexure referred to in our report to the members of Ajcon Global Services Limited for the year ended 31st March, 2014. 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, 2014 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 a substantial part of its fixed assets which could affect the going concern status of the Company. 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) 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) 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. iii. 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 given interest free unsecured advance to Subsidiary Companies and Associate Companies. At the year end the outstanding balances of such advance granted to Subsidiary Companies was Rs. 750 thousand and to that of Associate Companies was NIL. The maximum amount outstanding of Subsidiary Companies during the year was Rs. 12,931.49 thousand and that of the Associates Companies was Rs. 330.00 thousand. b) In our opinion the terms & conditions of such advances are prima facie not prejudicial to the interest of the Company. c) The advances given are repayable on demand at discretion of the Company and due dates of payment are not stipulated; therefore the question of overdue principal amount does not arise and therefore, clause 4(iii) (d) of the Companies (Auditors'' Report) Order 2003 are not applicable. e) The Company has taken advances from its subsidiary company during the year. At the year end the outstanding balance of such advances taken from Subsidiary Companies was Rs. Nil. The maximum amount outstanding of Subsidiary Companies during the year was Rs. 12,649.70 thousand. f) In our opinion the terms & conditions of such advances are prima facie not prejudicial to the interest of the Company. g) The advances taken are repayable on demand at discretion of the Company and due dates of payment are not stipulated; therefore the question of overdue principal amount does not arise and therefore, clause 4(iii) (g) of the Companies (Auditors'' Report) Order 2003 are not applicable. 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 equipments and other assets and with regards to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. v. In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956 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 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 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 appear reasonable having regard to the prevailing market prices at the relevant time. vi. According to the information and explanation given to us, the Company has not accepted any deposits from public. vii. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. viii. 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. ix. According to the information and explanation given to us, the undisputed amounts payable in respect of taxes, wealth tax, service tax, 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, 2014 which are outstanding for a period exceeding six months from the date they became payable. x. 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. xi. Based on our audit procedures and according to the information and explanation given to us, the Company has not defaulted in scheduled repayment of dues to banks and financial institutions. xii. Based on our examination of the records and the information and explanation given to us we are of the opinion that, 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. xiii. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund or society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company. xiv. 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 Companies Act, 1956. xv. 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. xvi. 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. xvii. 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. xviii. 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. xix. The Company has not issued any Debentures during the year. xx. The Company has not raised any monies through public Issue during the year. xxi. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year. Address: For BHATTER & CO. 307, Tulsiani Chambers Chartered Accountants Nariman Point Firm Reg. No.131092W Mumbai, 400021 D.H. Bhatter Tel: 22853039 Proprietor Fax: 66301318 Mem. No.:16937 Place: Mumbai Date : 29.05.2014