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ACE ENGITECH LTD.

31 October 2024 | 12:00

Industry >> IT Enabled Services

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ISIN No INE035401020 BSE Code / NSE Code 530669 / ACEENGITEC Book Value (Rs.) -21.91 Face Value 10.00
Bookclosure 29/09/2023 52Week High 148 EPS 0.00 P/E 0.00
Market Cap. 12.74 Cr. 52Week Low 12 P/BV / Div Yield (%) -6.77 / 0.00 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2014-03 
1. Report on the Financial Statements

We have audited the accompanying financial statements of M/s PREM SOMANI FINANCIAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss, Cash Flow Statement and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for 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 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") 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. 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.

3. 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 misstatements. 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. 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.

4. 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 31,2014;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) In case of Cash Flow Statement, of the cash flow for the year ended on that date.

5. 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 sub-section (4A) of section 227 of the Act, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that: . .

a) We have obtained all the information and explanations 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 and 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 our opinion, the Balance Sheet and the Statement of Profit and Loss Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 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, subject to our observation hereunder:-

During the year, the company has not made full provision for diminution in value of investments as required by AS-13 issued by the ICAI and the provision as standing in the books of accounts at the beginning of the year has been taken into consideration. In our opinion the provision in value of investment for the year under report should have been made for Rs. 30,50,450/- but the provision as standing in the books of accounts is Rs. 21,49,706/-. Had the full provision for diminution in value of investment been made, the profit would have been reduced by Rs. 9,00,743/- and consequently the negative balance of Reserves and Surplus carried in the balance sheet would have been increased to Rs. 1,16,95,254/-.

e) On the basis of 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 clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE REFFERED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014 OF M/s PREM SOMANI FINANCIAL SERVICES LIMITED

As required by the Companies (Auditor's Report) Order, 2003 and the Companies (Auditor's Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we further report that:

i. Fixed Assets:-

a. The Company has maintained proper records Showing full particulars, including quantitative details and situation of fixed assets.

b. According to the information & explanations given to us, the management on a sample basis during the year has physically verified the major assets and in our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such verification.

c. There has been no substantial disposal of fixed assets during the year, so as to affect the going concern status of the Company.

ii. Inventories

In our opinion and according to the information and explanations given to us, the company does not have any kind of inventory.

iii. Loans to/from the parties covered in the register maintained under Section 301 of the Act:-

a. The Company has granted unsecured loans to one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs. 61,28,514/- (outstanding balance as at March 31, 2014 is 59,78,514/-). The Company has not charged interest on such loan. In our opinion and according to the information and explanations given to us, the terms and conditions of the unsecured loans so granted are not prima facie prejudicial to the interest of the company. There is no irregularity in the recovery of principal which is as per mutual stipulations.

b. According to the information and explanations given to us, during the year company has not taken any loan/deposit from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

iv. Internal Control System

In our opinion and according to the information and explanations given to us, we observed that there is an adequate internal control system commensurate with the scale of business and the size of the Company.

v. Transactions with Related Parties as per Register of Contract u/s 301:

In our opinion and according to the information and explanations given to us, during the financial year there were no contracts or arrangements referred to in section 301 of the Act, which needs to be entered in the register maintained underthat section.

vi. Public Deposits:-

According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under. Therefore the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

vii. Internal Audit System:-

In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. However, in our opinion, the system needs to be strengthened further so as to match up with the growth of the Company.

viii. Cost Record:-

According to the information and explanations given to us, the maintenance of cost records has not been prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956, for any of the activities of the Company.

ix. Statutory Dues:-

a. Undisputed statutory dues:-According to the information and explanations given to us and as per the records of the Company, it has generally been regular in depositing undisputed statutory dues, including dues pertaining to Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities.

b. Disputed statutory dues:-According to the information and explanations given to us, there were no disputed dues which have remained outstanding as at the end of the financial year.

x. Sick Industry:-

The accumulated losses of the Company at the end of the financial year 2013-14 are less than 50% of the net worth of the Company. The Company has not incurred cash losses in the financial year 201314 as well as during the immediately preceding financial year.

xi. Dues to Financial,Institution or Bank or Debenture holders :-

According to the information and explanations given to us and based on the documents and records produced before us, there are no dues to banks and financial institutions. Further, there are no dues to debenture holders as the company not issued debentures.

xii. Loans and Advances granted on the basis of security:-

According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security byway of pledge of shares, debentures or other securities.

xiii. Chit Fund, Nidhi or Mutual Benefit Company:-

In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund/societies.

xiv. Company dealing or trading in shares, securities, debentures and other investments:-

In respect of the shares, securities, debentures and other investments dealt or traded by the Company, proper records have been maintained in respect of the transactions and contracts and timely entries have been made therein. All the shares/securities held by the Company are in its own name.

xv. Guarantees given for loans taken by others from bank or financial institution:-

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.

xvi. Application of Term loans:-

According to the information and explanations given to us, the company had no loans outstanding at the beginning of the year and has not applied for any loan during the year, therefore this clause is not applicable to the company.

xvii. Use of short term funds for long terms investments:-

According to the information and explanations given to us and on an overall examination of the Balance Sheet and other records of the Company, we are of the opinion that, prima facie short-term funds have not been used for long-term investments.

xviii. Preferential allotment of shares to parties covered in the register maintained under Section 301:-

The Company has not made any preferential allotment of shares to the company covered in the register maintained under section 301 of the Companies Act, 1956.

xix. Securities and Debentures:-

The Company did not issue any share or debenture during the year.

xx. End use of money raised by public issues:-

The Company has not raised any money by a public issue, during the year.

xxi. Fraud on or by the company-noticed or reported:-

According to the information and explanations given to us, and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported during the year.

                                                   For and on behalf of 
                                                  S. MISRA & ASSOCIATES
                                                  Chartered Accountants 
                                                            FRN-004972C

                                                        CA.MANISH KUMAR
                                                                Partner
                                                          M. No.-413078
Place: Jaipur

Date: August 26,2014