ONELIFE CAPITAL ADVISORS LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
TO
THE SHAREHOLDERS
We have audited the attached Balance Sheet of Onelife Capital Advisors
Limited as at 31st March 2012, the Profit and Loss Account and Cash Flow
Statement of the Company 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 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.
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 Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
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 it appears from the examination of those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow
Statement comply with the Accounting Standards referred to in sub-section
(3-C) of section 211 of the Companies Act, 1956;
e. 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,
in particular note no.13 regarding going concern, thereon give the
information required by the Companies Act, 1956, in the manner so required
and give a true and fair view:
i. in the case of the Balance Sheet, of the state of affairs of the Company
as at 31st March 2012;
ii. in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
For Anay Gogte & Co.,
Chartered Accountants
Firm Registration No.100398 W
[A.R.Gogte]
Proprietor
Membership No.37046
Place: Mumbai
Date : 06th August, 2012
THE ANNEXURE TO AUDITORS` REPORT ON THE ACCOUNTS OF ONELIFE CAPITAL
ADVISORS LIMITED FOR THE YEAR ENDED 31ST MARCH, 2012.
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 assets have been physically verified by the
management during the year. No material discrepancies were noticed on such
verification.
(c) No Fixed assets were disposed of during the year.
2. The company does not have any inventory. Accordingly, clause 4(ii) of
the order is not applicable.
3. The company has given loans and security deposit to 3 (Previous year 2)
parties amounting to Rs. 1,359.25 lakhs (Previous year Rs. 1,043.50 lakhs).
In our opinion, the terms and conditions of these loans and deposits
including the rate of interest are not prima facie prejudicial to the
interests of the company. No interest has been charged on security deposit
given for rented premises. There were no stipulations as to the repayment
of these amounts except in the case of security deposit which is refundable
on the expiry of the agreement.
The company has not granted any other loans, secured or unsecured to
companies, firms or other parties covered in the register maintained under
section 301 of the Companies Act, 1956.
The company has not taken any loans, secured or unsecured from companies,
firms or other parties covered in the register maintained under section 301
of the Companies Act, 1956. Accordingly, clause (f) and (g) are not
applicable.
4. In our opinion and according to the information and explanations given
to us, there is adequate internal control system commensurate with the size
of the company and the nature of its business with regard to purchase of
inventory, fixed assets and with regard to the sale of goods. 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, we are of
the opinion that the company has not entered into any contract or
arrangement referred to in section 301 of the Companies Act, 1956.
Consequently, no entries have been made in the register maintained under
section 301 of the Act. Clause (b) is not applicable.
6. The company has not accepted any deposits from public and consequently,
the directives issued by the Reserve Bank of India, the provisions of
sections 58A, 58AA or any other relevant provisions of the Companies Act,
1956 and the rules framed thereunder are not applicable.
7. The internal audit of the Company has been carried out by a firm of
Chartered Accountants. In our opinion, the scope and coverage of the
internal audit is commensurate with the nature and size of the Company.
8. According to the information and explanations given to us, 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 carried out by the Company.
9. (a) The company is generally 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
material statutory dues applicable to it. According to the information and
explanations given to us, no undisputed amounts payable in respect of above
were in arrears, as at 31ST March 2012 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there are no
dues of sales tax, income tax, customs duty, wealth tax, service tax,
excise duty and cess which have not been deposited on account of any
dispute.
10. The accumulated losses of the company at the end of the year are not
more than 50% of its net worth. The company has not incurred cash losses
during the year covered by our audit. The company has incurred cash losses
during the immediately preceding financial year.
11. The company has not taken any loans from any bank or financial
institution nor 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 other securities. Accordingly,
clause 4(xii) of the order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, clause 4(xiii) of the order is not applicable.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, clause 4(xiv) of
the order is not applicable.
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. Accordingly, clause 4(xv) of the order is not
applicable.
16. The company has not obtained any term loans. Accordingly, clause 4(xvi)
of the order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that the
no funds raised on short-term basis have been used for long-term
investment.
18. According to the information and explanations given to us, the company
has not made preferential allotment of shares to the parties and companies
covered in the register maintained under section 301 of the Act.
Accordingly, clause 4(xviii) of the order is not applicable.
19. The company had not issued any debentures. Accordingly, clause 4(xix)
of the order is not applicable.
20. We have verified the end use of money raised by public issue as
disclosed in the notes to the financial statements.
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 Anay Gogte & Co.,
Chartered Accountants
Firm Registration No.100398 W
[A.R.Gogte]
Proprietor
Membership No.37046
Place: Mumbai
Date : 06th August, 2012 |