| We have audited the accompanying financial statements of The Swastik
Safe Deposit & Investments Ltd. which comprise the Balance Sheet as at
31st March, 2014 and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended and the summary of significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under Companies Act, 1956 ("the Act")
read with General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. 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 judgement, including the assessment of
the risk 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, but not for the
purpose of expressing opinion on the effectiveness of the company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the 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 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:
(a) In case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014.
(b) In case of the Statement of Profit and Loss, of the Profit for the
year ended on that date.
(c) In 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 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 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, 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 and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards notified
under Companies Act, 1956 ("the Act") read with General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013;
e. On the basis of written representations received from the Directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 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. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure
Re : Swastik Safe Deposit & Investments Ltd.
Referred to in paragraph 1 of our Report of even date on Other Legal
and Regulatory Requirements:
(i) The Company does not have any fixed assets.
(ii) The Company did not have any inventory & hence the question of
maintenance of book records & its physical verification did not arise
(iii) (a) No loans have been taken or given during the year from the
parties registered U/s. 301.
(b) The Company has not entered into any contract with any party
mentioned in Section 301 of the Act.
(iv) The Company does not have fixed assets and hence the question of
having adequate internal control procedures commensurate with the size
of the company and the nature of its business with regard to purchase
and sale of the fixed assets does not arise. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) We are informed that the Company has not entered into any contracts
or arrangements with any party mentioned in Section 301 of the Act.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from public in terms
of the RBI directives.
(vii) The company did not have formal internal audit system.
(viii) Maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 pursuant to the Rules made by the Central
Government is not applicable.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income tax and other
Statutory dues, applicable to it.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit as
well as during the immediately preceding financial year.
(xi) During the year under audit the company has not borrowed from a
financial institution, bank or debenture holders and hence the question
of default in the repayment does not arise.
(xii) We are informed that the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, the company is not a chit fund and therefore,
the provisions of clause 4(xiii) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
(xiv) In our opinion, the company is not dealing in, or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) We are informed that the company has not given guarantees for
loans taken by others from banks or financial institutions.
(xvi) The company has not borrowed any funds as Term Loans during the
year.
(xvi) The Company has not borrowed any funds on a short term basis
during the year.
(xvii) 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 Act.
(xviii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not
issued any debentures.
(xix) The Company has not raised money by way of public issue.
(xx) 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 KULKARNI & KHANOLKAR
Chartered Accountants
Firm Regn. No. 105407W
P.D.Joshi
Partner
M. no.15279
Place: Mumbai
Date : 27th May 2014
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