1. We have audited the attached Balance Sheet of Aarya Global Shares
and Securities Limited, as at 31 March, 2014 and the Profit and Loss
Account and also the cash flow statement for the year ended on that
date, annexed thereto (collectively referred as the "Financial
Statements"). 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.
2. We have conducted this 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 misstatements. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for my opinion.
3. Further We report that:
a. The information and explanations that are obtained, which to the
best of our knowledge and belief were necessary for the purpose of
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
those books;
c. The Financial Statements dealt with by this report are in agreement
with the books of accounts.
d. 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 are disqualified as on 31st March, 2014 from
being appointed as director in terms of clause (g)of sub-section (I) of
Section 274 of the CompaniesAct, 1956
e. In our opinion and to the best of my information and according to
the explanation given to , the financial statements dealt with by this
report materially comply with the Accounting Standards referred to in
sub- section (3C) of Section 211 of the Companies Act, 1956 and the
Rules framed there under and 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 March 31,2014;
ii. In the case of The Profit and LossAccount, 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 for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies ( Auditors Report ) Order, 2003 ( The
Order ) issued by the Central Government of India in terms of Section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 & 5 of the order.
2. As required by section 227 (3) of theAct, 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, the statement of Profit and Loss and the cash
flow statement dealt with by this report are in agreement with the
books if account.
d. In our opinion, the Balance sheet, the statement of profit and loss,
and the cash flow statement comply with accounting standards notified
under theAct read with the General Circular 15/2013 dated 13th
September 2013 of the Ministry of CorporateAffairs in respect of
Section 133 of the CompaniesAct 2013.
e. On the basis of the written representations received from the
directors as on March 31 2014, 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 Section 274 (1 ) (g) of
theAct.
ANNEXURE TO THE AUDITORS' REPORT Referred under the heading of
"report on other Legal and regulatory requirements" of our report
of even date
(I) In respect of its FixedAssets:
The company has maintained proper records showing full particular
including quantitative details and situation of fixed assets on the
basis of available information.
(II) In respect of its Inventories:
As the Company does not have Inventory, the Clauses (ii)(a) to (ii)(c)
of para 4 of the Orders are not applicable to the company.
(III) According to the information and explanations given to us, In
respect of the loans, secured or unsecured, granted or taken by the
Companies to /from Companies, firms or other parties covered in the
register maintained under section 301 of theCompaniesAct, 1956.
(IV) According to the information and explanation given to us, there
have been no contracts or arrangements referred to in section 301 of
the Companies Act, 1956 during the year to be entered in the register
required to be maintained under that section.Accordingly, sub- clause
(B) is not applicable.
(V) 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 & nature of its business with regard to
the sale of goods and services. During the course of our Audit, we have
not observed any major weakness in internal control.
(VI) In our opinion and according to the information and explanation
given to us, The Company has not accepted any deposits from the public
as defined under sections 58A and 58AA of the Companies Act, 1956 & the
Companies (Acceptance of deposits) Rules 1975.
(VII) In our opinion and according to the information and explanation
given to me, The Company has an inhouse audit system commensurate with
the size and the nature of its business.
(VIII) As the company is not a manufacturing concern, the clause (viii)
of para 4 of the Order regarding maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act, 195
is not applicable to the company.
(IX) (a) In our opinion and according to the information and
explanation given to us, the company has generally been regular in
depositing undisputed statutory dues, including provident fund,
investor education and protection fund, employees state insurance,
income tax , wealth tax, service tax, custom duty, cess and any other
material statutory dues where applicable, with the appropriate
authorities during the year.
(b) According to the information and explanation given to us, there are
no amounts outstanding in respect of sales tax, income tax, customs
duty, wealth tax, service tax, excise duty and cess that have not been
deposited with the appropriate authorities on account of any dispute.
(X) The Company does not have accumulated losses as on 31st March, 2014
and has earned profit for the financial year on that date. The
accumulated losses of the Company are less than 50 % of the net worth
of the Company.
(XI) In our opinion and according to the information and explanations
given to us by the management, the Company has not defaulted in
repayment of dues to a Financial Institution, Bank or Debenture holders
(XII) The Company has not granted any loans and advances on the basis
of security by way of pledge of share, debentures & other securities.
Accordingly, the provisions of clause 4(xii) of the Order are not
applicable.
(XIII) The Company is not a chit fund or nidhi /mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditor's Report's) Order, 2003 is not applicable to the
Company
(XIV) In our opinion and according to the information given to us, the
company is not a dealer or trader in shares, securities, debentures &
other investments. The company has maintained proper records of
transactions and contracts in respect of investments in shares and
Mutual funds and timely entries have been made therein. All the
investments in shares and mutual funds have been held by the company in
its own name.
(XV) The company has given Corporate Guarantee aggregating to Rs
2crores, for loans Rs 1.5 crores and Rs 50 lacs for Bank guarantees to
BSE and NSE taken by Aarya Equity (India) Pvt Ltd subsidiary of the
company from Banks and Financial Institutions as at 31/03/2014. The
terms and conditions of the Corporate Guarantee are not prejudice to
the interest of the company. We are however unable to comment on the
same.
(XVI) The Company has not taken any term loan during the year; as such
required details need not be given.
(XVII) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
are raised on short term basis; hence detail need not be given.
(XVIII) According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties &
Companies covered in the register maintained under section 301 of the
CompaniesAct, 1956 for such a purpose.
(XIX) According to the information and explanations given to us, during
the period covered by my audit, the Company has not issued debentures.
(XX) The company has not raised any money by public issue during the
year and hence paragraph 4(xx) of the order is not applicable.
(XXI) During the course of our examination of the books and records of
the company, carried out in accordance with generally accepted auditing
practices in India and according to information and explanation given
to us, we have neither come across any instances of material fraud on
or by the company, noticed or reported during the year nor have been
informed of such case by management.
For SRY &Associates
(Chartered Accountant)
Place : Mumbai sd/-
Date :30th May 2014 Rajan Gupta
Membership No.89469 |