| We have audited the accompanying standalone financial statements of
Ajcon Global Services Limited ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015 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 matters stated in section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of
these standalone 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 principles generally accepted
in India, Including The Accounting Standard specified under section 133
of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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 standalone
financial statements based on our audit.
We have taken into account the provisions of the act, the accounting
and auditing standard and matters which are required to be included in
the audit report under the provisions of the act and the rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 misstatements.
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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
Sub-section (11) of Section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
2. As required by section 143 (3) of the Act, we report that:
i. We have sought and 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, Statement of Profit and 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 and Loss,
and Cash Flow Statement comply with standard specified under section
133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules,
2014.
v. On the basis of written representations received from the Directors
as on 31st March, 2015 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2015 from being
appointed as a Director in terms of Section 164(2) of the Act.
vi. With respect to the other matters to be included in the Auditor's
Report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanation given to us:
a) The Company does not have any litigation which would impact its
financial position.
b) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
c) There has been no delay in transferring amounts which were required
to be transferred to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in paragraph 1 under the 'Report on Other
Legal and Regulatory Requirements' our report to the members of Ajcon
Global Services Limited ("the Company") for the year ended 31st March,
2015.
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, 2015 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.
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) The 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) 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 records.
iii. In respect of loans, secured or unsecured, granted by the Company
to companies, firms or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013;
a) The Company has granted loan to subsidiary companies. The principal
amounts are repayable on demand at the discretion of the Company and no
repayment schedule is stipulated.
b) In respect of the said loans and interest thereon, there are no
overdue amounts.
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 equipment and other assets and with regards
to the sale of services. During the course of our audit, we have not
observed any major weakness in such internal control system.
v. In our opinion and according to the information and explanation
given to us, the Company has not accepted
deposits from the public to which provisions of Sections 73 to Section
76 or any other relevant provisions of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014 as applicable. No order
has been passed by the Company Law Board / National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
vi. In our opinion and according to the information and explanation
given to us maintenance of cost records under sub-section (1) of the
Sectionl48 of the Companies Act, 2013 has not been prescribed by the
government for any of the services rendered by the Company.
vii. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material statutory dues have generally been
deposited with the concerned authorities. According to the information
and explanations given to us, no undisputed amounts payable in respect
of the aforesaid dues were outstanding as at March 31, 2015 for a
period of more than six months from the date of becoming payable.
b) According to the records of the Company and information and
explanations given to us, no dues of income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise value added tax or cess
that have not been deposited on account of any disputes.
c) According to the records of the Company and information and
explanations given to us, the company was required to transfer the sum
of Rs. 135.33 thousand to Investor Education and Protection Fund and the
same has been transferred to said Fund within stipulated time in
accordance with the relevant provisions of the Companies Act, 1956 (1
of 1956) and rules made thereunder.
viii. The Company does not have any accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
ix. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
x. The Company has not given any guarantee for loans taken by others
from Bank or financial institution and accordingly requirement of
Paragraph 3(x) of the aforesaid Order are not applicable to the
Company.
xi. The Company has not raised term loans during the year.
xii. Based upon the audit procedures performed and information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year.
For BHATTER & Co
Chartered Accountants
Firm Reg. NO.131092W
D. H. Bhatter
Place: Mumbai Proprietor
Date : 30.05.2015 Mem. No. 016937 |