| We have audited the accompanying financial statements of M/s BAJAJ
GLOBAL LIMITED (Company), which comprise the Balance Sheet as at March
31, 2014, 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 for the Linancial 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. 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 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 the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014 ;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) 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 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 said 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 and 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 referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
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) 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 the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS' REPORT FOR THE YEAR ENDED 31ST MARCH, 2014
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets were physically verified
during the year by the management. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not disposed substantial part of its fixed
assets during the year.
2. There is no inventory in the Company.
3. a) The company has not taken any loan, secured or unsecured loans
from companies, firms or parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) The Company has granted unsecured Loan to one company covered in the
register maintained under section 301 of the Companies Act, 1956. The
Maximum amount involved during the year was Rs. 40.76 lacs and the year
end balance of loan granted to such company was Rs. 40.76 lacs.
c) In our opinion, the rate of interest and other terms and conditions
on which unsecured loans have been given to the company listed in the
register maintained under section 301 of the Companies Act, 1956 is,
prima facie, not prejudicial to the interest of the company.
d) As explained to us there is no overdue amount of Loans exceeding
Rupees one Lacs.
4. In our opinion and 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 the
business with regards to the sale of goods and services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. (a) According to the information and explanations given to us, the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 are being updated in the register required to
be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions that were made in pursuance of contracts
or arrangements that need to be entered into the register maintained in
pursuance of Section 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 5,00,000/- or more, in respect of each party,
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. During the year the Company has no internal audit system, as in the
opinion of management, considering the size and nature of its business
and personal supervision by the Directors, the same is considered to be
adequate and commensurate with its size and nature of its business.
8. In view of the activities of the Company maintenance of cost
records under Section 209(1)(d) of the Companies Act, 1956 is not
applicable.
9. (a) According to the information and explanations given to us and
on the basis of 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, Service
Tax, Custom Duty, Excise-Duty, Cess and other statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanation given to us, there are
no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service
Tax, Excise Duty and Cess except Income Tax Demand of Rs. 312472/ - in
respect of Assessment Year 2008-09, against which appeal is preferred
before the Income Tax Authorities.
10. There are no accumulated losses in the Company and the Company has
not incurred any cash loss in the year under review or in the
immediately preceding year.
11. The Company has not taken any loan from Financial Institutions or
Banks or Debenture holders.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of Shares, Debentures and other Securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. All the Shares and Securities held as
investments are in company's own name.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions.
16. According to the information and explanations given to us, there
are no term loans raised by the Company during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion, no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, during
the year the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year.
20. According to the information and explanations given to us, the
Company has not raised any money through public issues during the year.
21. 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 B.CHHAWCHHARIA & CO.
Chartered Accountants
SANJAY AGARWAL
Place: NAGPUR Partner
Date: 24th May, 2014 Firm Registration No. 305123E
Membership No. 66580 |