| I have audited the accompanying financial statements of
Ashram online.com Limited (the 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 FINANCIAL STATEMENTS
The Company's 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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.
AUDITORS' RESPONSIBILITY
My responsibility is to express an opinion on these financial
statements based on my audit. I conducted my audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that i 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, but not for the
purpose of expressing an 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 management, as well as evaluating the overall
presentation of the financial statements. I believe that the audit
evidence I have obtained is sufficient and appropriate to provide a
basis for my audit opinion.
OPINION
In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid 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 Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, i 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, i report that:
a. I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b. In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my 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 of account.
d. In my opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the 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 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 the
Act.
ANNEXURE REFERRED TO IN PARAGARAPH 3 OF OUR REPORT OF EVEN DATE RE:
ASHRAM ONLINE .COM LIMITED
(I) In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The company has physically verified certain assets during the year
in accordance with a programme of verification, which in my opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information & explanation given to me no
material discrepancies were noticed on such verification.
(c) In my opinion and according to the information and explanation
given to me. The company has not made any substantial disposals during
the year
(II) In respect of its inventories:
(a) As explained to me, there are no inventories in the company, Hence
the verification and valuation is not called for.
(III) (a) The company has not granted and taken loans, secured /
unsecured, to / from companies, firms and other parties covered in the
register maintained under section 301 of the Act. 1956. the details are
as under:-
Name of The Party Interest Amount Rs. Closing Balance Rs.
Tatia Global Vennture Limited 379100 8068063
(b) The terms and conditions, as to the repayments, interest thereon
are not prejudicial to the interest of the company. There are no
overdue amounts outstanding.
(IV) In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of the company and nature of its business.
(V) In my opinion and according to the information and explanation
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 ,
exceeding the value of Rs 5 lakhs, in respect of any party during the
year.
(VI) The company has not accepted any deposits from the public during
the period under review.
(VII) In my opinion, the company has adequate internal audit system
commensurate with the size of business.
(VIII) The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
(IX) The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
According to the records of the Company, there are no outstanding Sales
tax, Income Tax Act 1961, Custom Duty ,Wealth Tax,Excise Duty on
account of any dispute other than following.
Financial period to Forum where
which the amount Nature of dispute Amount
relates to Act dues is pending Rs. in lakhs
1993-94 & Income Tax Income Tax Madras High 184.37
94-95 Act Court
1994-95, 95-96 Income Tax TDS Madras High 24.22
& 96-97 Act Court
(X) The Company has made a profit amount of Rs 0.18 lakhs during the
year. The company have accumulated losses at the end of the financial
year to an extent of Rs 34.31 Lakhs to be written off against future
profits.
(XI) Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment of due to financial
institutions, banks and debenture holders.
(XII) According to the information and explanations given to me, the
company has given any loans and advances on the basis of security by
way of Pronotes, post dated instruments, pledge of shares, debentures
and other securities. The loans advanced are subject to confirmation.
(XIII) In my opinion 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) Order, 2003 are not applicable to the
company.
(XIV) In my 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) According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(XVI) There were no term loans obtained by the company during the year.
(XVII) According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
(XVIII) The company has not allotted equity shares during the period.
(XIX) The company has not issued any debentures and no securities and
charges are required to be created.
(XX) The company has not raised any money by public issue during the
year other than as stated under XVIII above.
(XXI) To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
For K. Subramanyam & Co
Chartered Accountants
Firm Regn. No. 004146S
Sd/-
K. Subramanyam
Place:Chennai Proprietor
Date: 30.05.2014 Membership No. 023663 |