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Ceejay Finance Ltd.

BSE: 530789 | NSE: | Series: NA | ISIN: INE358C01010 | SECTOR: Finance - General

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Ceejay Finance is not listed on NSE

Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached balance sheet of Ceejay Finance Limited as at March 31, 2012, the statement of profit & loss and also the 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 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.

3. As required by the Companies [Auditors' Report] Order, 2003 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 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 purposes 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 the books.

(iii) The balance sheet, statement of profit & 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 & loss and cash flow statement dealt with by this report comply with accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) On the basis of the written representations received from directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956, on the said date.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said 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, 2012;

(b) in the case of the statement of profit & 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.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDITORS' REPORT TO THE MEMBERS OF CEEJAY FINANCE LIMITED, ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2012.

(i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the said fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

(c) The company has not disposed off substantial part of fixed assets during the year.

(ii) The company's nature of operations does not require it to hold inventory. Accordingly, para 4(ii) of the Companies (Auditor's Report) Order, 2003 is not applicable.

(iii) According to information and explanation given to us :

(a) the company has not granted any loans, secured or unsecured to parties covered in the register maintained under section 301 of the Act.

(b) the company has taken unsecured loans from two parties covered in the register maintained under section 301 of the Act. The maximum amount involved during the year and year end balance of loans taken from such parties is Rs. 873.75 lacs.

(c) the rate of interest and other terms and conditions of such loans taken by the company, in our opinion are prima facie not prejudicial to the interest of the company.

(d) in respect of loans taken by the company, the interest payments are regular and the principal amount is repayable on demand.

(iv) 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 sale of services. There is no purchase of inventory and sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) In respect of contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act, have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 500,000/- or more in respect of any party.

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Non-Banking Financial Companies Acceptance of Deposits (Reserve Bank) Directions, 1977 and the Non Banking Financial Companies Acceptance of Deposits (Reserve Bank) Directions, 1988. We are informed that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) In our opinion, the company has an internal audit system commensurate with the size of the company and the nature of its business.

(viii) The Central Government has not prescribed the maintenance of cost records under Section 209 [1][d] of the Companies Act, 1956.

(ix) (a) The company wherever applicable, is regular in depositing provident fund, investor education & protection fund, income tax, sales tax, wealth tax, service tax, excise duty, cess and other statutory dues to appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amount in respect of aforesaid statutory dues were outstanding for the period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues of sales tax/ income tax/ custom duty/ wealth tax/ excise duty/ service tax/ cess which have not been deposited on account of any dispute.

(x) The company has no accumulated losses and has not incurred any cash losses during the current financial year or in immediately preceding financial year.

(xi) The company has not defaulted in repayment of dues to the banks. The company has not obtained any borrowing from financial institutions or by way of debentures.

(xii) In our opinion and according to the information and explanation given to us, no loans and advances have been granted on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund, nidhi, mutual fund or a society. Accordingly, Para 4(xiii) of the order is not applicable.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly Para (xiv) of the order is not applicable.

(xv) As per the information and explanations given to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) The Company has not obtained any term loan.

(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 investments.

(xviii) During the year, 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, 1956.

(xix) According to the information and explanations given to us, the company has not issued any debentures during the year.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company was noticed or reported during the year.

For KANTILAL PATEL & CO.,

Chartered Accountants

Firm Regn. No. 104744W

Place : Ahmedabad Mayank S. Shah

Date : May 30, 2012 Partner

Membership No.: 44922