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Asit C Mehta Financial Services Ltd.

BSE: 530723 | NSE: | Series: NA | ISIN: INE041B01014 | SECTOR: Miscellaneous

BSE Live

Oct 21, 16:00
123.40 5.85 (4.98%)
Volume
AVERAGE VOLUME
5-Day
2,127
10-Day
2,547
30-Day
2,825
1,412
  • Prev. Close

    117.55

  • Open Price

    123.40

  • Bid Price (Qty.)

    121.50 (3)

  • Offer Price (Qty.)

    123.40 (16)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Asit C Mehta Financial Services 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 attached Balance Sheet of Asit C Mehta Financial Services Limited as at 31st March 2010, the Profit and Loss account and also the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 (as amended) 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 & 5 of the said Order. Further to our comments in the Annexure referred to 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, 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 the section 211 of the CompaniesAct, 1956; (v) On the basis of written representations received from the directors, as on 31 * March 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2010 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 with the significant accounting policies and notes thereon accounts 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 2010; (b) m the case of the Profit and Loss Account, of the profit 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. Annexure to the Auditors Report (Referred to in paragraph 3 of our Report of even date) (1) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets under which all fixed assets are verified in a phased manner over a period 3 years. In our opinion, this periodicity of physical verification is reasonable having regarded to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) No fixed assets were disposed of during the year, and therefore, do not affect the going concern assumption. (2) (a) As explain to us, inventories were physically verified during the year by the management at reasonable intervals. (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (3) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956 except an unsecured interest free loan to its subsidiary company. The maximum balance of loan granted to the company was Rs.5.5 lacs and the balance outstanding at the year-end was Rs. NIL. (b) The other terms and conditions on which loans have been granted to the subsidiary and other Company are not, prima-facie, prejudicial to the interest of the Company. (c) The company is regular in recovering the Principal amount as stipulated. (d) There is no overdue amount of loans granted to company or other parties listed in the register maintained under section 301 of the Companies Act, 1956. (e) The company had not taken any loans, Secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to Purchase of fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. In our opinion and according to the information and explanations given to us, there is no purchase of inventory and sale of goods during the year and therefore, clause 4(iv) of the Order, to that extent, is not applicable to the Company. (5) (a) According to the information and explanations provided by the management, the contracts or arrangements that needs to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) According to the information and explanation given to us , where each of such transactions, is in excess of Rs.5 lakhs in respect of any party, the transaction have been made at prices which are prima facie, reasonable having regard to the prevailing market prices at the relevant time, except that in respect of sale of services, no comparison of prices could be made available to us since the Company informed us that there are no prevailing market prices/ alternate sources of supply. (6) The Company has not accepted any deposits from the public and consequently the directives issued by the Reserve Bank of India, the provisions of sections 58Aand 58AAor any other relevant provisions of the Act and the Rules framed thereunder are not applicable. (7) In our opinion, the internal audit function carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and nature of its business. (8) According to information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the service activities carried on by the Company and therefore, clause 4(viii) of the Order is not applicable. (9) (a) According to records of the Company, and on the basis of our examination of the books of account, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education & protection fund, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.. (b) According to the information and explanations given to us, there are no disputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and cess. Details of disputed dues in respect of Foreign Exchange Regulation Act and Service Tax which have not been deposited as on March 31, 2010 on account of any dispute are given below. Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates Foreign Exchange Contravention of FERA 10,000,000 1994-95 Regulation Act,1973 regulations Service Tax Service tax on Brokerage 6,798,386/- 1996-2000 Income Name of the Statue Forum where the dispute is pending Foreign Exchange Regulation Act,1973 Appellate Tribunal Foreign Exchange Service Tax Commissioner of Central Excise (Appeals) (10) The Company does not have any accumulated losses at the end of the financial year. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (11) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a bank and the Company has not issued any debentures and hence clause 4 (xi) of the Order, to that extent, is not applicable. (12) In our opinion and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the company. (14) In our opinion, the company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid shares, securities, debentures and other investments have been held by the Company in its own name, except to the extent of the exemption granted under Section 49 of the Companies Act,1956. (15) In our opinion, the terms and conditions on which the company has given guarantees for loans taken by its Wholly Owned Subsidiary from banks are not prejudicial to the interest of the company. (16) In our opinion, term loan availed by the company were, prima facie, applied by the Company for the purpose for which the loans were obtained. (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 funds of Rs. 1,15,76,567/- raised on short-term basis have been used for long-term investment. (18) The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (19) The Company has not issued any debentures. Accordingly, clause 4(xix) of the Order is not applicable. (20) The Company has not raised any money by way of 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 course of our audit. For MANEK & ASSOCIATES Chartered Accountants FirmNo:0126679W Mumbai (SHAILESH MANEK) Dated: May 27, 2010 Proprietor Membership No.: 34925