Mar 31, 2015
1. I have audited the attached Balance Sheet of Alora Trading Co Ltd as
at 31 March, 2015 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. My
responsibility is to express an opinion on these financial statements
based on my audit.
2. I 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. I believe that my audit provides a reasonable
basis for my opinion.
3. Further I report that:
a. The information and explanations that are obtained, which to the
best of my knowledge and belief were necessary for the purpose of
audit;
b. In my opinion, proper books of accounts as required by law have been
kept by the Company so far as appears from my 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, 2015 and taken on record by the board of directors,
none of the directors are disqualified as on 31st March, 2015 from
being appointed as director in terms of sub-section (1) of Section 164
of the Companies Act, 2013.
e. In my opinion and to the best of my information and according to the
explanation given to me , the financial statements dealt with by this
report materially comply with the Accounting Standards referred to in
Section 133 of the Companies Act, 2013 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 , in the case of :-
i. The Balance Sheet , of the state of affairs of the Company as at
March 31, 2015;
ii. The Profit and Loss Account, of the profit for the year ended on
that date; and
iii. The Cash Flow Statement, of the cash flows for the year ended on
that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies ( Auditors Report ) Order, 2015 ( The
Order ) issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 & 4 of the order.
As required by section 143 (3) of the Act , we report that :
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
;
1. We have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
2. 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.
3. The company's balance sheet & profit & loss account dealt with in
the report are in agreement with the books of account & returns.
4. The financial statements comply with the accounting standards.
5. No directors are disqualified from being appointed as director
under sub-section (2) of section 164.
6. The company has adequate internal financial controls system in
place and such controls are operating effectively.
The Annexure referred to in paragraph 1 of Our Report on Other Legal
and Regulatory Requirements.
We report that:
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, these fixed assets have been physically
verified by the management at reasonable intervals; no material
discrepancies were noticed on such verification.;
2. As the Company does not have Inventory, the Clauses (ii)(a) to
(ii)(c) of para 3 of the Orders are not applicable to the company.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(a), and iii (b) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under,.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Act.
7. (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 to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty, whichever applicable, which
have not been deposited on account of any disputes.
(c) According to the information and explanations given to us, the
amount required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made there under has been transferred to
such fund within time.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit.
9. In our opinion and according to the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders, as applicable to the company.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, the company has not taken any term loan during the year.
12. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year, nor have we been informed of such case by the
management.
For Shripad Kulkarni & Co
Chartered Accountants
FRN: 12577W
Sd/-
Shripad Kulkarni
Place: Mumbai (Proprietor )
Date: May 30, 2015 Membership No.:117727
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. ALORA TRADING
COMPANY LIMITED as on 31st March 2012 and the related Statement of
Profit and Loss and Cash Flow Statement 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 have 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 the
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 issued
by the Central Government of India of sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the Annexure, a statement on
the matters specified in paragraph (4) of the said Order.
4. Further to our comments in the Annexure referred to in above, we
report that:
(i) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) 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
these books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-secticn (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 said statements of account re ad
together with the Notes give the information required by the Companies
Act, 1956 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 Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012, and
(b) In the case of Statement of Profit and Loss, of the Profit for the
year ended on that date.
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 3 of our Report of even date)
(i) As per the information and explanations given to us, the company
did not own any fixed assets at any time during the year; therefore,
provisions of this clause are not applicable to the company.
(ii) In respect of its Inventories:
(a) The physical verification of inventory was conducted by the
management at reasonable intervals.
(b) In our opinion and according to 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) In our opinion and according to information and explanations given
to us, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification were not material and
have been properly dealt with in the books of accounts.
(iii) In respect of loans, secured or unsecured, granted or taken by
the company to or from companies, firms or other parties covered under
the register maintained U/s. 301 of the Companies Act, 1956, according
to the information and explanations given to us:
(a) In our opinion and according to information and explanations given
to us, the company has taken loans from 3(three)such party, covered
under the registered maintained U/s 301 of the companies Act,1956.
Maximum amount involve during the year amount Rs.503200 and balance
outstanding at the year end Rs.Nil. Under report.
(b) In our opinion and according to information and explanations given
to us, the company has granted loans to 1(one)such party covered under
the register maintained U/s 301 of the companies Act,1956. Maximum
amount involve during the year amount Rs.430000 and Balance outstanding
at the year end Rs.430000 under report.
(c) In our opinion the rate of interest, wherever applicable, and other
terms and conditions of unsecured loans granted by the Company are
prima facie not prejudicial to the interests of the company;
(d) The unsecured loans granted by the company are repayable on demand.
(e) As the loans are repayable on demand there is no question of any
overdue amount of such loans.
(f) The Company has not taken any loans from any such parties.
(iv) In our opinion and according to the information and explanations
given to us the company has an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchases of inventory and fixed assets and for the
sale of goods.
(v) In respect to transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956;
(a) To the best of our knowledge and belief and according to
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
(b) According to information and explanations given to us, transactions
in excess of Rs. 5 Lacs in respect of any party have been made st
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The company has not accepted any deposits from the public.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) The maintenance of cost records has not been prescribed by the
Central Government U/s.209 (1)(d) of the Companies Act, 1956.
(ix) According to information and explanations given to us in respect
of Statutory and other dues:
(a) The Company is generally regular in depositing undisputed
applicable statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-tax, Sales Tax,
Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities.
(b) There are no disputed dues of Sales Tax, Service Tax, Income Tax,
Custom Duty, Wealth Tax, and Excise Duty/cess, which have not been
deposited.
(x) The Company has been registered for a period of not less thar five
years and its accumulated losses at the end of the year under report
are not more than fifty percent of its' net worth. The company has
incurred cash losses during the financial year under report, however,
in the immediately preceding financial year, the company has not
incurred cash losses.
(xi) As per the information and explanations given to us, the company
has not defaulted in repayment of dues to a financial institution or
bank or debenture holder.
(xii) According to information and explanations given to us, The
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi /Mutual Benefit Fund/Societies are not applicable to this
company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
transactions and contracts for investment in shares, securities and
other investments and has made timely entries therein. The company is
holding all the shares, securities and other investments in its own
name.
(xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from banks or
financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the company has not obtained any term loans during the
financial year under report.
(xvii) On the basis of overall examination of Balance Sheet of the
Company, in our opinion, there are no funds raised on a short-term
basis that have been used for long-term investment and vice versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained U/s.301 of
the Companies Act, 1956.
(xix) The Company has not issued any debentures since its inception.
(xx) The company has not raised any money by public issue during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the year
under report.
For SALARPURIA & PARTNERS
FIRM REGN. NO.302113E
CHARTERED ACCOUNTANTS
Place: 1008, Chiranjiv Tower
43, Nehru Place, (KAMAL KUMAR GUPTA)
New Delhi-110019 PARTNER
M. No. -89190
Date: 02.09.2012