ARTHEON FINANCE LIMITED
ANNUAL REPORT 2010-2011
AUDITORS` REPORT
TO
THE MEMBERS OF
ARTHEON FINANCE LIMITED
MUMBAI.
We have audited the attached Balance Sheet of "Artheon Finance Limited" as
at 31st March 2011, the Profit and Loss Account and also the Cash Flow
Statement for the year ended on that date annexed thereto. 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.
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 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.
1. As required by the Companies (Auditors Report) Order, 2003 issued by the
Central Government of India in terms of Section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure, a statement on the matter specified
in Paragraph 4 and 5 of the said order:
2. Further to our comments in the Annexure referred to in paragraph 1
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 purpose of our audit.
b. In our opinion, proper books of accounts as required by law have been
kept by the Company, so far as appears from our examination of the books.
c. The Balance Sheet and Profit & Loss Account dealt with by this report
are in agreement with the Books of Accounts.
d. In our opinion, the attached Balance Sheet and Profit & Loss Account and
the cash flow Statement dealt with by this report complying with the
Accounting Standards referred in Sub-section 3(c) of Section 211 of the
Companies Act, 1956.
e. On the basis of the written representations received from the Directors
as on 31st March, 2011 and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March, 2011
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 read together with the notes
thereon subject to Note l(Tfl) (ii) regarding non-provision of gratuity
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.
i) In the case of Balance Sheet of the state of the affairs of the Company
as at 31st March, 2011 and
ii) In the case of the. Profit &. Loss Account of the Loss of the Company
for the year ended on that date.
Ill) In the case of the cash Flow Statement of the Cash Flow for the year
ended or that date.
FOR AND ON BEHALF OF
V. PAREKH & ASSOCIATES
CHARTERED ACCOUNTANTS
RAJSESH V. PAREKH
PARTNER
MEMBERSHIP NO. 38615
FIRM REG. NO.107488W
MUMBAI,
DATED : 29TH AUGUST, 2011.
ANNEXURE TO THE AUDITORS REPORT :
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 situations of the Fixed Assets.
b) These assets have been physically verified by the management at
reasonable intervals, which in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets According to the
information and explanations given to us, no material discrepancies were
noticed on such verification.
c) As per records of the Company and as explained to us, the Company has
not disposed off any substantial or major portion of fixed assets. However
during the current year, the company has discarded some fixed assets.
2) According to the information and explanation given to us, and having
regard to the Company`s Business the question of reporting on Clause 4
(ii)(a), 4(b) and 4(ii)(c)(relating to inventory) of the Companies
(Auditor`s Report) order 2003 as Amended by Companies (Auditor`s Report)
(Amendment) order.2004 (herein after referred to as the said order) does
not arise.
3) a) As per information and explanation given to us, the company has not
granted/taken unsecured/secured loan to/from the company covered in the
register maintained under section 301 of the Companies Act, 1956. Hence sub
clauses (a) to (g) of clause 3 of the order are not applicable to the
Company.
4) In our opinion and according to the information and explanation given to
us, there is an adequate internal control procedure commensurate with the
Company and nature of its business for the purchases and sale of Shares and
securities, fixed assets and for the sale of services.
5) In our opinion and according to the information and explanations given
to us, the company has not entered into any contract, arrangements or
transaction aggregating during the year to Rs.5,00,000/- (Rs. Five Lakhs
Only) or more in respect of each party being company, firm or other parties
listed in the register maintained under section 301 of the Companies Act
1956, other than the subsidiary company"as referred in Para 3(a) above.
6) The Company has not accepted any deposits from the public during the
year to which the directive issued by the Reserve Bank Of India and
provision of section 58A and Section 58AA and the rules framed there under
are applicable.
7) In our opinion, the company does; not have any formal internal audit
system commensurate With its size and the nature of its business.
8) The Central Government has not prescribed the maintenance of cost
records under clause (d) of sub-section (1) of section 209 of the Companies
Act 1956 in respect of services and other activities carried out by the
Company. Accordingly, clause 4(iii) of the Order is not applicable.
9) a) According to the records of the Company, the company is generally
regular in depositing undisputed statutory dues including Provident fund,
Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and any company
is regular in depositing undisputed statutory dues including Income-tax and
any other statutory dues applicable to it, with the appropriate authorities
during the year.
b) According to the records of the Company, there is no disputed amount
payable on account of Sales Tax, Income Tax, Custom Duty, Wealth Tax or
Excise duty outstanding at the end of the financial year.
10) As at the end of the financial year, the Company does not have
accumulated losses. However, the Company has incurred cash loss during the
current financial year.
11) The company has neither taken any loans from financial institution and
bank or issued any debentures, Accordingly, clause 4(xi) of the order is
not applicable.
12) The Company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and/ or other security. Accordingly,
clause 4(xi) of the order is not applicable.
13) The company is not a chit fund, Nidhi, Mutual benefit Fund or a
Society. Accordingly, clause 4(xi) of the order is not applicable.
14) As per information and explanation given to us and records produced
before us the Company has maintained proper records of transaction and
contract in respect of trading in shares Debentures and other securities
and that timely entries have been made and those shares and securities are
held by the company in its own name.
15) According to the information and explanation given to us, the Company
has not given any guarantee for loans taken by others from bank of
financial institution during the year.
16) The company has not raised any terms loans during the year.
17) As per records maintained and information given to us, the company has
not raised funds either on short term or long-term basis during the year.
18) As informed to us, the company has not made any preferential allotment
of shares during the year.
19) The Company has not issued any debenture during the year.
20) The company has not raised any money by public issues during the year,.
21) According to the information and explanation given to us, no fraud on
or by the company has been noticed or reported during the year.
FOR AND ON BEHALF OF
V. PAREKH & ASSOCIATES
CHARTERED ACCOUNTANTS
RAJSESH V. PAREKH
PARTNER
MEMBERSHIP NO. 38615
FIRM REG. NO.107488W
MUMBAI,
DATED : 29TH AUGUST, 2011. |