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Auditor Report of Alora Trading Company Ltd.

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

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