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Swastika Investsmart Ltd.

BSE: 530585 | NSE: | Series: NA | ISIN: INE691C01014 | SECTOR: Finance - Leasing & Hire Purchase

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Dec 27, 11:22
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Swastika Investsmart 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 the SWASTIKA INVESTMART LIMITED as at 31st March, 2008 and also the Profit & Loss Account 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 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. We report as follows: (1) As requires by the Companies (Auditors Report) Order,2003, issued by Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 & 5 of the said Order. (2) Further to our comments in the Anexure referred to in paragraph 1 above: (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 accounts as required by law have been kept by the Company so as appears from our examination of the books. (c) The Balance Sheet and Profit and Loss Accounts and cash flow statement dealt with by this report are in agreement with the books of account. (d) In our opinion, the Balance Sheet and Profit and Loss Acounts and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (1) of Section 274 of the Companies Act, 1956. (e) On the basis of the written representation received from the Directors as on 31st March,2008 and taken on record by the Board of Directors.we report that none of the Directors is disqualified as on 31st March,2008 from being appointed as Director in terms of clause (g) of sub-section (1) of 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 give the information required by the Companies Act, 1956 in the maner so required ,and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of Balance Sheet of the state of affairs as on 31st March,2008. (ii) In the case of Profit and Loss Account of the profit for the year ended on that date and (iii) in the case of Cash Flow Statement, of the Cash Flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in Para 1 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 Fixed assets of the Company have been physically verified by the management at reasonable intervals during the year, and no material discrepancies were noticed on such verification. (c) During the year the company has not disposed off a substantial part of its fixed assets so it does not affect the going concern assumption. 2) (a) The inventory of the company comprises of shares and securities, which have been physically verified during the year by the management at regular intervals. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. No materiel discrepancies have been noticed on physical verification of stock as compared to book records. 3) (a) As informed to us, the Company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act. (b) Since the Company has not granted or taken any loans, secured or unsecured, to/from the parties listed in the register maintained under section 301 of the Companies Act, 1956, provisions of clause 4(iii)(b) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (c) Since the Company has not granted or taken any loans, secured or unsecured, to/from the parties listed in the register maintained under section 301 of the Companies Act, 1956, provisions of clause 4(iii)(c) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (d) Since the Company has not granted or taken any loans, secured or unsecured, to/from the parties listed in the register maintained under section 301 of the Companies Act, 1956, provisions of clause 4(iii)(d) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. 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, for the purchase of inventory and fixed assets. During the course of audit, no major weakness has been noticed in these internal controls. (a) To the best of our knowledge and belief and according to the information and explanations given to us, 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 having regard to our comments in paragraph (4) above, and according to us, transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 are less than of Rupees Five lacs in respect of any party during the year. (c) The Company has not accepted any public deposit, hence the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed thereunder, are not applicable to the company. (d) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. (c) Maintenance of Cost Records under section 209(1 )(d) of the Companies Act, 1956 has not been prescribed by the central government for the company. 9) (a) The Company is generally regular in depositing with the appropriate authorities statutory dues including Investor Education and Protection Fund, Employees State Insurance, Provident fund Act, Income tax, Sales tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material Statutory Dues applicable to it. (b) There were no arrears as at 31st March 2008 for a period of more than six months from the date they became payable. (c) According to the information & explanations given to us, there is no amount pending deposit on account of any dispute, in respect of sales tax, income tax, customs duty, excise duty, Service tax, cess . 10) The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current or in the immediately preceding financial year. 11) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks. The company has no outstanding Debentures. 12) According to the information and explanations 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. 13) The company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order 2003 are not applicable to the company. 14) According to the information and explanations given to us, the Company is dealing or trading in shares, securities, debentures and other investments. In our opinion, proper records have been maintained of the transactions and contracts and timely entries have been made therein. Shares, securities, debentures and other securities have been held by the company, in its own name as per the provisions of section 49 of the Companies Act, 1956, subject to note no.5 of the notes on account of Schedule 11. 15) According to the information and explanations given to us, the company has not given guarantees for loans taken by others from banks or financial institutions. 16) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised. 17) In our opinion and 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) According to the information and explanations given to us, 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. 19) In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 20) During the period covered by our audit report the Company has not raised any money by public issues. 21) To the best of our knowledge and belief and 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 M B LADHA & CO. Chartered Accountants (MUKESH LADHA) Place: MUMBAI Proprietor Date : 30.06.2008 Membership No: 35544