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Fast Track Entertainment Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
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Year End :2014-03 
We have audited the attached Balance Sheet of M/S. FAST TRACK ENTERTAINMENT LIMITED as at 31st March, 2014 and also the Profit and Loss account of the year ended on the date annexed thereto and cash flow statement for the year ended on that date. 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.

(1) 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;

(2) As required by the Companies (Auditor's 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 and 5 of the said Order.

(3) Further to our comments in the Annexure referred to 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 purposes of our audit;

b. 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;

c. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

d. In our opinion, the balance sheet, profit and loss account referred to in this report complies with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e. According to Information & explanation given to us and on this basis of the written representations received from the directors, as on March 31, 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2014 from being appointed as a 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 manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

ú in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014.

ú in the case of the Profit and Loss Account, of the PROFIT for the year ended on that date; and

ú 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 PARAGRAPH (1) OF OUR REPORT OF EVEN DATE).

1. (a) The Company is maintaining proper records showing full particulars including quantitative details of fixed assets.

(b) All the fixed assets have not been verified by the management during the year but, according to the information and explanations given to us, there is a regular programme of verification which, in our opinion, is responsible having regard to the size of the Company and the nature of assets. No material discrepancies between the book records and the physical inventory have been noticed in respect of the assets physically verified.

( c) During the year, in our opinion, a substantial part of fixed assets has not been disclosed off by the company.

2. (a) The inventory of the Company has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of stocks 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 has maintained proper records of inventory. No discrepancies were notices on Verification between the physical stocks and the books records.

3. The Company has neither granted nor taken loans, secured or unsecured, from Companies, Firms or other parties covered in the register, maintained under Section 301 of the Companies Act, 1956 as the company has not granted/taken any loans, secured 301 of the companies Act, 1956 clauses iii(b), iii(c) & iii(d) of paragraph 4 of the order, are not applicable.

4. 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 regards to purchases of inventory, fixed assets and for sale of goods.

5. (a) According to the information and explanations given to us, the transaction made in pursuance of contract or agreements, that need to be entered into the registered into the register maintained under section 301 of the Companies Act, 1956 have been recorded.

(b) There are not transaction of purchase & sale of goods, materials and services made in pursuance of contracts or arrangement entered in registered maintained u/s. 301 of the companies act, 1956 aggregating during the year to Rs. 5,00,000/- or more in respect of each party.

6. The Company has not accepted any deposits from public.

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

8. According to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209 (1) (d) of the Companies Act, 1956.

9. As per the information and explanation given to us, the company is not liable for Provident Fund, Investor Education & Protection Funds or Employees State Insurance, Wealth tax, Custom Duty, Excise Duty and Cess. The Company is regular in payment of Income Tax, Sales Tax and according to the information and explanations given to us, no undisputed amount payable in respect of such statutory dues.

According to the information and explanations given to us, there are no cases of non- deposit with the appropriate authorities of disputed dies of sales tax / income tax / custom tax / wealth tax/ excise duty / cess.

10. The company has no accumulated losses and has not incurred cash losses in the current year and in immediately preceding financial year.

11. According to the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution and bank or debenture and other securities.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture holders. There were no debenture holders at any time during the year.

13. As per the information and explanation given to us, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the company.

14. In our opinion and according to the information and explanation given to us the company is not a dealer or trader in securities.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions. The terms and conditions whereof in our opinion are prima facie, prejudicial to the interest of the Company.

16. The Company has not taken any tem loan during the year.

17. Based on the examination of documents and records made available and on the basis of information and explanation given to us, since the company has not raised short-term and long-term fund, Para 4 of the order is not applicable.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties & Companies covered in the register maintained u/s. 301 of the Companies Act, 1956 during the year.

19. No debentures have been issued by Company and hence question of creating security does not issue.

20. The Company has not raised any money by way of public issue during the year.

21. On the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

                                    For Mehul & Assocates 
                                    Chartered Accountants 

Date : 01/09/2014                         Sd/-
Place : Mumbai                         Mehul Doshi
                                      (Proprietor) 
                                    M. Ship No. 103311

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