| We have audited the accompanying financial statements of Golechha
Global Finance Limited, 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performances of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 19S6 ("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
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 entity'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.
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:
(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 Profit and Loss Account, of the Profit for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the Cash Flow 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 sub-
section (4A) of section 227 of the Act, we give in the Annexure
A statement on the matters specified in paragraphs 4 and S 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 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
c) the Balance Sheet and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account and with the
returns received from branches not visited by us;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
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, 2014, and 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 Companies Act, 1956.
ANNEXURE 'A' TO AUDIT REPORT OF GOLECHHA GLOBAL FINANCE LIMITED
STATEMENT ON THE MATTERS SPECIFIED IN PARAGRAPHS 4 AND S OF THE
COMPANIES (AUDITOR'S REPORT) ORDER, 2003 ("the Order").
1. The company does not have any fixed assets hence, clause (I) of
paragraph 4 of the Order is not applicable.
2. The business of the company does not entail any inventories hence
clause (II) of paragraph 4 of the Order is not applicable.
3. On the basis of records examined by us and according to the
information & explanations given to us , the company has neither
granted nor taken any loans, secured or unsecured to / from companies,
firms or other parties covered in the register maintained under 301 of
the companies Act,19S6. Accordingly, the provisions of Clause 4(iii) of
the Order is not applicable.
4. In our opinion and according to the information and explana-tions
given to us, there are adequate internal control procedure commensurate
with the size of Company and nature of its business .During the course
of our audit, we have not observed any continuing failure to correct
major weaknesses in internal control.
5. a) To the best of our knowledge and beliefs and according to the
information and explanations given to us, we are of the opinion that
the company has entered particulars of contracts or arrangements
referred to in Section 301 of The Companies Act,19S6 that needs to be
entered in the register maintained under that section have been so
entered.
b) In our opinion and according to the information and explana-tions
given to us, there are no transactions exceeding the value of five lakh
rupees in respect of any of the parties mentioned in S(a) above.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public
during the year.
7. The company has an adequate internal audit system, which in our
opinion, is commensurate with the size and the nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Act.
9. a) According to the information and explanations given to us and
according to books and records produced and examined by us, the
company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income-tax, Wealth Tax, Sales Tax,
Service Tax, Custom duty , Excise duty, cess and any other statu-tory
dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
Service Tax, Sales Tax , excise duty and cess which are outstanding as
at 31st March,2014 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no statutory dues, not deposited by the company on account of any
dispute.
10. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current or
immediately preceding financial year.
11. On the basis of the records examined by us and the information and
explanations given to us, the company has not taken any loans from
banks or financial institutions.
12. In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. The company is not a chit fund/ nidhi / mutual benefit fund or
society.
14. The company is dealing in invest-ments and in our opinion, proper
records have been maintained of the transactions and contracts and
timely entries have been made therein. The shares, securities,
debentures and other securities,if any have been held by the company,
in its own name.However, as on 31/03/2014 there is no investment in
shares and securities.
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. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not taken any
term loan during the financial year covered by our audit.
17. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, we report that 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
during the year to parties and companies covered in the register
maintained under section 301 of The Companies Act,19S6 , hence clause
(xviii) of the order is not applicable.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issues during
the year.
21. To the best of our knowledge and belief and 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 V. Goyal & Associates
Chartered Accountants
Sd/-
[Pankaj Kumar Goyal]
Partner
Membership No. 059991
Dated : 28th day of May,2014 Firm Regn No. 312136E |