| Report on the Financial Statements
We have audited the accompanying financial statements of M/S: Chokhani
Global Express Limited ('the Company') which comprise the balance sheet
as at 31 st March 2013, the statement of profit and loss and the cash
flow statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 misstatement.
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.
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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the 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, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub- section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, 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
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, Statement of Profit and
Loss and Cash Flow Statement dealt with by this Report are in agreement
with the books of account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in our report to the members of Chokhani
Global Express Ltd. ('the Company') for the year ended 31 March 2013.
We report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details if any and situation of
fixed assets.
(b) As informed to us, the fixed assets have been physically verified
by the management at reasonable intervals. No material discrepancies
were noticed on such verification.
(c) Since there is no disposal of fixed assets during the year, the
preparation of financial statements on a going concern basis is not
affected on this account.
2. The Company is at present primarily rendering professional and
technical services. Accordingly, it does not hold any physical
inventories. Thus, paragraph 4(ii) of the Order is not applicable.
3. As informed, the company has not granted any loan, secured or
unsecured to the companies, firms and other parties covered in the
register maintained under section 301 of the companies Act, 1956, nor
the company has taken any loan, secured or unsecured from companies,
firms or other parties covered under section 301 of the Companies Act,
1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to sale of services. The activities of the Company do not involve in
purchase of inventory and the sale of goods.
5. We are informed that there are no transactions during the year that
need to be entered into a register in pursuance of section 301 of the
Companies Act, 1956.
6. The company has not accepted deposits from public within the
meaning of section 58A, 58AA or any other provisions of the Companies
Act 1956 and the rules framed thereunder.
7. In our opinion and according the information and explanations given
to us, there is no internal audit system due to the present status of
the business.
8. As informed to us, the company is not required to maintain any cost
records as prescribed by the central government under section 209(1)
(d) of the companies act, 1956.
9. As informed to us and according to the records of the company as
examined by us, the company has been regular in depositing undisputed
statutory dues including provident fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues as applicable to it with the appropriate authorities.
According to the information and explanations given to us, there are no
undisputed amounts payable in respect of the aforesaid statutory dues,
which have remained outstanding as at 31st March, 2013 for a period of
more than six months from the date they become payable. According to
the information and explanations given to us, there are no disputed
statutory dues which have not been deposited on account of matters
pending before the appropriate authorities.
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth and has earned cash profits during
the current financial year and also in the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not borrowed any funds from banks,
financial institutions and by issue of debentures.
12. According to informations and explanations given to us, the
company has not granted any loans and advances to any party during the
year on the basis of security by way of pledge of shares, debentures
and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society.
14. As informed, the company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information provided to us, the company has not
given any guarantee for loans taken by others from banks and/or
financial institutions.
16. In our opinion, no term loans have been raised by the company.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet and Cash Flow Statement of
the company, we report that no funds raised on short-term basis that
have been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares during the
year.
19 According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures and not created any security or charge in respect thereof.
20 The company has not raised any money through public issues during
the year covered by our audit report.
21 Based on audit procedure performed and the information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For I.K. HARLALKA & CO.
Firm Regn.No.009223N
CHARTERED ACCOUNTANTS
Place: New Delhi I.K. HARLALKA
Date : 23rd May, 2013 PROPRIETOR
Membership No. 013204 | 