We have audited the attached balance sheet of Commitment Capital
Services Ltd, as at 31st March 2009, and also the Profit & Loss Account
of the said company for the year ended on that date together with
These financial statements are the responsibility of the companys
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 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
1) As required by the companys (auditors report) order 2003, issued
by the Central Government of India in terms of section 227(4a) of the
companys 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 1
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 purpose of our
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
c) The balance sheet and the profit and loss account dealt with by this
report are in agreement with the books of accounts;
d) In our opinion the balance sheet and the profit and loss account
comply with the accounting standard referred it in sub section (3c) of
section 211 of the companys act 1956;
e) On the basis of the written representation received from the
directors as on 31 st March 2009 and taken on record by the Board of
directors we report that none of the director is disqualified from
being appointed as director under clause (g) of sub-section (1) of
section 274 of the Companys Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us , the accounts read with the significant
accounting policies and notes thereon, give the information required by
the Companys Act,1956.in the manner so required and also give a true
and fair view ;
i) In the case of Balance Sheet, of state of affairs of the company as
at 31st March 2009. and
ii) In the case of Profit & loss Account, of Profit for the year ended
on that date.
iii) In the case of cash flow statement of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 OF OUR
REPORT OF EVEN DATE,
1. (a) The Company has maintained propei records showing full
particulars including Quantitative details and situation of fixed
(b) All the assets have been physically verified by the manar3tnent. No
material Discrepancies were noticed during the year on such
(c) There has been no sale of substantial part of the Fixed assets
during the year And therefore, it does not affect the going concern
2. (a) the inventories have been physically verified during the year
by the management. In our opinion frequency of verification is
(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 nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. The Company has not taken/given loans to the parties covered under
section 301 of the Companys Act, 1956.
4. In our opinion and according to explanation given to us, there are
adequate internal Controls Procedures commensurate with the size of the
company and nature of its Business with regard to purchases of
inventory, fixed assets and with regard to the Sale of goods. During
the course of our audit, no major weakness has been noticed in The
5. Based on the audit procedures applied by us and according to
information and explanations given to us ,the transactions that need to
be entered into the register maintained under section 301 have been so
6. The provisions of sections 58A and 58AA of the Companies Act, 1956
are not applicable to company as no deposits were accepted during the
year under audit.
7. In our opinion the company has an internal audit system
commensurate with the size And nature of its business.
8. According to the records of the company, the company is regular in
depositing with Appropriate authorities undisputed statutory dues
including provident fund, investor Education protection fund employees
state insurance, income tax, sales tax, wealth Tax, custom duty, excise
duty, cess and other statutory dues applicable to it.
9. According to the information and explanations given to us no
undisputed amount is Payable.
10. The accumulated losses of the company are not more than fifty
percent of its net worth. The company has not incurred cash losses
during the financial year covered by our audit and incurred cash loss
immediately preceding financial year.
11. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted any loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
12. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
13. The company has not raised any term loan therefore this clause is
14. 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
15. Based on our examination of records and the information provided to
us by the management we report that the company has not made
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Act.
16. Based upon the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the company has been noticed or reported to us by management.
For S. Suresh & Co.
Place : New Delhi S. Suresh
Date : 25th May, 2009 Proprietor