Mar 31, 2015
We have audited the accompanying financial statements of A.F.
Enterprises Limited ('the Company') which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, Cash Flow
Statement and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in section 133 of the Act, read with Rule 7 of the
Companies(Accounts) Rules, 2014.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
elected depend on the auditor's judgement, 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:
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015.
ii. In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii. In the case of 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 ('the
Order'), as amended, issued by the Central Government of India in terms
of section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 1 of our Order.
2. As required by section 143(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, 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, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards.
e. On the basis of written representations received from the directors
as on 31st March, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2015, from
being appointed as a director in terms of section 164 of the Companies
Act, 2013.
"ANNEXURE" TO THE AUDITOR'S REPORT
(As referred in paragraphs of our report)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of Inventories consisting of shares and securities held
in other Company :
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013:
a) In our opinion, and according to the information and explanation
given to us, the company has not granted any loans, secured or
unsecured during the year to companies, firms or other parties covered
in the register maintained under Section 189 of the Companies Act,
2013. Consequently, the requirements as per sub- clause (iii) (a) & (b)
of the order are not applicable in case of the company.
b) The Company has not taken any loans, secured or unsecured during the
year from companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act, 2013. Consequently,
the requirements as per sub- clause (iii) (e), (f) and (g) of paragraph
4 of the order are not applicable in case of the company.
4. In our opinion, and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods or
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. As explained and according to information given to us there has not
been any contract or arrangement referred to in section 189 of the Act,
particulars of which need to be entered in the register required to be
maintained under section 189 of the Companies Act, 2013.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the company.
7. In our opinion, the Company has an 'in- house' internal audit
system commensurate with the size of the company and the nature of its
business.
8. The cost record maintained by the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government under section
148(1 )of the Companies Act, 2013 are not applicable to the company.
9. In respect of statutory dues:
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, there are no
undisputed amount payable in respect of the aforesaid statutory dues
were outstanding as at 31.03.2015 for a period of more than six months
from the date of becoming payable.
b) According to the information and explanations given to us, there are
no outstanding statutory dues on the part of company which is not
deposited on account of dispute.
10. According to the information and explanations given to us, the
Company has no accumulated losses. The company has not incurred any
cash losses during the financial year covered by the audit and in the
immediately preceding financial year.
11. According to the information and explanations given to us, the
company has not taken any loan from any financial institution or bank
or debenture holder.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
and in our opinion, adequate documents and records are maintained.
13. The Company is not a chit fund, nidhi or mutual benefit society.
Therefore, the provisions of clause (xiii) of paragraph 4 of the Order
are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments held by the company, in it'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 bank
or financial institutions.
16. As per information and explanations given to us, the company has
not obtained any term loans during the year and no term loans are
outstanding on the company at the end of year.
17. According to the information and explanations given to us, no
funds raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares.
19. The company has not issued any debentures. Hence the requirements
of sub- clause (xix) of paragraph 4 of the Order are not applicable to
the company.
20. As explained to us, the management has disclosed on the end use of
money raised by public issues and the same has been verified.
21. According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
FOR V.N. PUROHIT & CO.
Chartered Accountants
Firm Regn. No. 304040E
Sd/-
O.P. Pareek
Partner
Membership No. 014238
New Delhi, the 29th day of May 2015
Mar 31, 2014
We have audited the accompanying financial statements of A.F.
Enterprises Limited (the Company'') which comprise the Balance Sheet as
at 31st March, 2014, the Statement of Profit and Loss, Cash Flow
Statement and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 (''the Act''). 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
elected depend on the audilor''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:
i. In the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2014;
ii. In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii. In the ease of 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 (the
Order''), as amended, issued by the Central Government of India in terms
of sub-sectinn (4A> of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 1 of our 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
hooks;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In uur opinion, the Balance Sheet, SLatement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting SLandards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956; and
e. 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 is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
"ANNEXURE" TO THE AUDITOR''S REPORT
(As referred in paragraphs of our report)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b> As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
company is not affected.
2. In respect of Inventories consisting of shares and securities held
in other Company:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a) In our opinion, and according to the information and explanation
given to us, the company has not granted any loans, secured or
unsecured during the year to companies, firms or other parties covered
in the register maintained under Section 301 of the Companies Act,
1956. Consequently, the requirements as per sub-clause (iii) (a), (b),
(c) and (d) of paragraph 4 of the order are not applicable in case of
the company.
b) The Company has not taken any loans, secured or unsecured during the
year from companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Consequently,
the requirements as per sub-clause (iii) (e), (f) and (g) of paragraph
4 of the order are not applicable in case of the company.
4. In our opinion, and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods or
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. As explained and according to information given to us there has not
been any contract or arrangement referred to in section 301 of the Act,
particulars of which need to be entered in the register required to be
maintained under section 301 of the Companies Act, 1956.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the company.
7. In our opinion, the Company has an ''in-house'' internal audit system
commensurate with the size of the company and the nature of its
business.
8. The cost record maintained by the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government under section
209 (1) (d) of the Companies Act, 1956 are not applicable to the
company.
9. In respect of statutory dues:
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, there are no
undisputed amount payable in respect of the aforesaid statutory dues
were outstanding as at 31.03.2014 for a period of more than six months
from the date of becoming payable.
b) According to the information and explanations given to us, there are
no outstanding statutory dues on the part of company which is not
deposited on account of dispute.
10. According to the information and explanations given to us, the
accumulated losses of tne company are less than fifty per cent of its
net worth. The company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. According to the information and explanations given to us, the
company has not taken any loan from any financial institution or bank
or debenture holder.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
and in our opinion, adequate documents and records are maintained.
13. The Company is not a chit fund, nidhi or mutual benefit society.
Therefore, the provisions of clause (xiii) of paragraph 4 of the Order
are not applicable to the Company.
14. The Company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments held by the company, in it''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 bank
or financial institutions.
16. As per information and explanations given to us, the company has
not obtained any term loans during the year and no term loans are
outstanding on the company at the end of year.
17. According to the information and explanations given to us, no funds
raised on short-term basis have been used for long-term investment.
18. The Company has made preferential allotment of shares to the
parties listed in the register maintained under section 301 of the
Companies Act, 1956. According to the information and explanations
given to us, the price at which such shares have been issued is not
prejudicial to the interest of the Company.
19. The company has not issued any debentures. Hence the requirements
of sub-clause (xix) of paragraph 4 of the Order are not applicable to
the company.
20. As explained to us, the management has disclosed on the end use of
money raised by public issues and the same has been verified.
21. According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
FOR V.N. PUROHIT & CO.
CharLered Accountants
Firm Regn. No. 304040E
Sd/-
O.P. Pareek
Partner
Membership No. 014238
New Delhi, the 26th day of May 2014
Mar 31, 2013
We have audited the accompanying financial statements of A F
ENTERPRISES LIMITED ("the Company"), which comprise the Balance Sheet As
at March 31,2013,the Statement of Profit and Loss for the year then
ended, Cash Flow Statement for the year ended, and a summary of
significant accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position
performance and the 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 ("the Act"). 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.
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 company with
ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount 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.
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 31,2013;
b) in the case of the Statement of Profit and Loss, profit for the year
ended on that date.
c) In the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order''") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the 5 of the Order.
2. Books of Accounts are prepared on Going Concern basis, Management is
planning to arrange additional funds for repayment of its liabilities.
Therefore Going concern assumption seems to be unaffected.
3. 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, Statement of Profit and Loss and Cash Flow
Statements dealt with by this Report are in agreement with the books of
account
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statements 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 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (I) of
section 274 of the Companies Act 1956
f) Since the Central] Government has not issued any notification as to
the rate at wh.ch 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 referred to in Paragraph 1 of our report of even date to the
Shareholders of A F ENTERPRISES LIMITED for the year ended on 31st
March, 2013
1 No Fixed Assets are held by the Company during the year.
2 No Inventory is held by the Company during the year.
3 The Company has granted loans for Rs.1.04 Lacs without interest to
"One Party" and taken unsecured Loans for Rs. 103.78 Lacs from "Two
Parties" covered in the Register maintained under Section 301 of The
Companies Act, 1956.The rate of interest and other terms & conditions
of Loan given by the Company are Prima facie not prejudicial to the
interest of the Company.
4 In our opinion, 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 its business. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5.a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 19S6 have
been so entered.
b) In our opinion, according to the information and explanations given
to us, there are no transactions made in pursuance of such contracts or
arrangements entered into the Register in pursuance of Section 301 of
the Act, exceeding the value of Rupees Five Lakhs in respect of any
party during the year, which have been made at prices which are not
reasonable having regard to the prevailing market prices at the
relevant time.
6 The Company has not accepted any deposits from the public within the
meaning of Sections 58A and S8AA of the Act and the rules framed there
under.
7 The Company have Internal audit system commensurate with the size and
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 Act
for any of the products of the Company.
9.a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
regular in depositing the undisputed statutory dues including
income-tax, sales-tax, customs duty, cess and other material statutory
dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales tax,
income-tax, customs duty and cess etc which have not been deposited on
account of any dispute.
10 The Company has accumulated losses more than 50% of the Net Worth as
at 31st March, 2013 and it has incurred cash losses in the financial
year ended on that date. The Company has not incurred cash losses rn
the immediately preceding financial year.
11 According to the record of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at 31st March,2013.
12 The Company has not granted loan and advances on the basis of
security by way of pledge of Shares, debentures and other securities.
13 The provisions of any special statue applicable to Chit Fund/ Nidhi
Mutual Benefit Fund societies are not applicable to the Company.
14 In our opinion, the Company was formed with the object of dealing in
shares, debentures, securities and other investments. There is
transaction during the year and shares acquired by the Company by way
of investments were held in its 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 during the year.
16 The Company has not obtained any term loans during the year.
17 On the basis of overall examination of the Balance Sheet of the
Company in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments or vice versa.
18 The Company has not made any preferential allotment of Shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
19 The Company has not issued any debentures during the year.
20 The Company has not raised any money by public issues during the
year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have been
informed of such case by the management.
For Umesh Chand & Company
Chartered Accountants
Place: New Delhi (FRN O10585N)
Dated: 29.05.2013
Umesh Chand Goyal
(Partner)
M. No.088328
Mar 31, 2012
1 We have audited the attached Balance Sheet of A. F. ENTERPRISES
LIMITED as .at 31st March, 2012 and also the Profit and loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Company''s management. Out
responsibility is to express, an opinion on these Financial Statements
based on our audit.
2 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
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.
3 As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Central Government of India under the provisions
of Section 227(4A) of the Companies Act, 1956, we enclose in (he
Annexure a statement on the matters specified in Paragraphs 4 and 5 of
the said order.
4 Books of accounts are prepared on going concern basis, Management is
planning to arrange additional funds for repayment of its
liabilities. Therefore going concern assumption seems to be unaffected.
5 Further to our comments in the Annexure referred to above, report
that:
(i) 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.
(ii) In our opinion, the Company has kept proper books of accounts as
required by the law, so far, as appears from our examination of the
books.
(iii) The Balance sheet and the Statement of Profit and Loss referred to
in the report are in agreement, with the books of accounts.
(iv) In our opinion, Balance Sheet and Statement of Profit & Loss
comply with the accounting standards referred to Section 211(3C) of the
Companies Act. 1956.
(v) On the basis of written representations received from Directors, as
on 31st March, 2012 and taken on record by the Board of Directors, we
report that none of the Director'' is disqualified as on 31st March,
2012 from being appointed as Director in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act. 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Statement of Profit
and Loss give the information required by the Companies Act 1956, in
the manner, so required and give a true and fair view:
a. In the case of the Balance sheet of the state of affairs of the
Company as at 31si March, 2012 and
b. In the case of Statement of Profit and Loss of the Profit of the
Company for the year ended on that date.
Annexure referred to in Paragraph 3 of our report of even date to the
Shareholders of A F ENTERPRISES LIMITED for the year ended on 31st
March, 2012
1 No Fixed Assets are held by the Company during the year.
2 No Inventory is held by the Company during the year.
3 The Company has granted loans for Rs,1.24 Lacs without interest to
two companies and taken unsecured Loans for Rs. 0,86 Lacs from one
company covered in the Register maintained under Section 301 of The
Companies Act, 1956, As per explanation given by the Management such
loans are not prejudicial to the interest of the company.
4 In our opinion, 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 its business. During the
course of our audit, we have. not observed any continuing failure to
correct. major weakness in internal controls.
5 a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the. Companies Act, 1956 have
been so entered.
(b) In our opinion, according to the information and explanations-given
to us, there are no transactions made in pursuance of such contracts
or arrangements entered into the Register in pursuance of Section 301
of the Act, exceeding the value of Rupees Five Lakhs in respect-oJ any
party during the year, which have I been made at prices which are not
reasonable having regard to the prevailing market prices at the
relevant time.
6 The Company has not accepted any deposits from the public within the
meaning of Sections 58A and 5SAA of the Act and the rules framed there
under.
7 In our opinion, the Company has an interna) audit system commensurate
with the size and 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 Act
for any of the products of the Company;
9 a) According to the information and explanations given to us and the
records of the- Company examined by us, in our opinion., the Company
is regular in depositing, the undisputed statutory dues including
income- tax, sales-tax, customs duty, cess and other material statutory
dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us arid the
records of the Company examined by us, there are no dues of sales tax,
income-tax, customs duty and cess etc., which have not been deposited on
account of any dispute.
10 The Company has accumulated losses more than 50% of the Net Worth as
at 31st March, 2012 and it has not incurred cash losses in the
financial year ended en that date. The Company has incurred cash
losses. In the immediately preceding financial year.
11 According to the record of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at 31st March,2012.
12 The Company has not granted loan and advances on the'', basis of
security by way of pledge of Shares, debentures and other securities.
13 The provisions of any special statue applicable to Chit Fund/
Nidhi Mutual Benefit Fund societies are not applicable to the Company.
14 In our opinion, the Company was formed with the object of dealing in
shares, debentures, securities and other investments, However there are
no transacts during me year. Shares acquired by the Company by way of
investments were held in its 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 during. the year.
16 The Company has not obtained any term loans during the year.
17 On the basis of overall examination of the Balance Sheet of the
Company in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investments or vice versa.
18 The Company has not made any preferential allotment of Shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
19 The Company has not issued any debentures during the year.
20 The Company has not raised any money by public issues during the
year.
21 During the course of our examination of the books and records of
the-Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year,
nor have been informed of such case, by the management.
For Umesh Chand & Company
Chartered Accountants
Place: New Delhi
(Regn. No, 010585N)
Dated: 30.08,2012
Umesh Chand Goya
{Partner}
M.No. 088328
Mar 31, 2011
1 We have audited the attached Balance Sheet of A. F. ENTERPRISES
LIMITED as at 31st March, 2011 and also the Profit and loss Account 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.
2 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
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.
3 As required by the Companies (Auditors Report) Order, 2003 {as
amended) issued by the Central Government of India under the provisions
of Section 227(4A) 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,
4 Further to our comments in the Annexure referred to above, we report
that:
(i) 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.
(ii) In our opinion, the Company has kept proper books of accounts as
required by the law, so far, as appears from our examination of the
books.
(iii) The Balance sheet and the Profit and loss account referred to in
the report are in agreement with the books of accounts.
(iv) In our opinion, Balance Sheet and Profit & Loss account comply
with the accounting standards referred to Section 211(3C) of the
Companies Act. 1956.
On the basis of written representations received from Directors, as on
31st March, 2011 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31st March, 2011
from being appointed as Director in terms of clause (g) of sub- section
(1) of Section 274 of the Companies Act, 1956.
(vi) "In our opinion and to the best of our information and according
to the explanations given to us, the Balance Sheet and Profit and Loss
account subject to the matters referred in the notes to the accounts in
Schedule 7 B 1 (a} & (b) give the information required by the Companies
Act 1956, in the manner, so required and give a true and fair view:
a. In the case of the Balance sheet of the state of affairs of the
Company as at 31st March, 2011 and
b. In the case of Profit and Loss account of the Loss of the Company
for the year ended on that date,
Annexure referred to in Paragraph 3 of our report of even date to the
Shareholders of A. F. ENTERPRISES LIMITED for the year ended on 31st
March, 2011
1 No Fixed Assets are held by the Company during the year.
2 No Inventory is held by the Company during the year.
3 The Company has not granted any loan, but has taken unsecured loans
for Rs. 97.95 lacs without interest from three companies covered in the
Register maintained under Section 301 of The Companies Act, 1956. As
per explanation given by the Management such loans are not prejudicial
to the interest of the company.
4 In our opinion, 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 its business. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5.a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion, according to the information and explanations given
to us, there are no transactions made in pursuance of such contracts or
arrangements entered into the Register in pursuance of Section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year, which have been made at prices which are not
reasonable having regard to the prevailing market prices at the
relevant time,
6 The Company has not accepted any deposits from the public within the
meaning of Sections 53A and 58AA of the Act and the rules framed there
under.
7 In our opinion, the Company has an internal audit system commensurate
with the size and 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 Act
for any of the products of the Company.
9,a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
regular in depositing the undisputed statutory dues including
income-tax, sales-tax, customs duty, cess and other material statutory
dues as applicable with the appropriate authorities. .
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales tax,
income-tax, customs duty and cess etc..which have not been deposited on
account of any dispute.
10 The Company has accumulated losses as at 31st March, 2011 and it has
incurred .cash losses in the financial year ended on that date. The
Company has also incurred cash losses in the immediately preceding
financial year,
11 According to the record of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at 31st March,2011.
12 The Company has not granted loan and advances on the basis of
security by way of pledge of Shares, debentures and other securities.
13 The provisions of any special statue applicable to Chit Fund/ Knight
Mutual Benefit Fund societies are not applicable to the Company.
14 In our opinion, the Company is a dealer or trader in shares,
debentures, securities and other investments. However, there are no
transactions during the year. Shares acquired by the Company Py way of
investments were held in its 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 during the year.
16 The Company has not obtained any term loans during the year.
17 On the basis of overall examination of the Balance Sheet of the
Company in our opinion and according to the information and
explanations given to us, there are no funds raised on a short- term
basis, which have been used for long-term investments or vice versa.
18 The Company has not made any preferential allotment of Shares to
parties and companies covered in the Register maintained under section
301 of the Act during the year.
19 The Company has not issued any debentures during the year.
20 The Company has not raised any money by public issues during the
year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the Company, noticed or reported during the year, nor have been
informed of such case by the management.
For Umesh Chand & Company
Chartered Accountants
Place: New Delhi (Regn. No. 010585N)
Dated: 16th July,2011
Umesh Chand Goyal
(Partner)
M. No, 088328
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