Mar 31, 2015
We have audited the accompanying financial statements of M/S.
ANTARCTICA LIMITED of 1A, Vidyasagar Street, Kolkata-9, which comprises
the Balance Sheet as at 31st March, 2015 and the statement of Profit &
Loss and the Cash Flow Statement for the year and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (''the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 ofthe Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets ofthe Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness ofthe accounting records,
relevant to the preparation and presentation ofthe 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 responsibly is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Standards on Auditing specified under Section 143(10) ofthe Act .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 of fraud or error. In making those risk assessments, the audit
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 ofthe accounting estimates made by management, as
well as evaluating the overall presentation ofthe 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, ofthe state of affairs ofthe Company as at March 31, 2015 and
its loss for the year ended on that date.
Emphasis of Matters
The financial statements ofthe Company have been prepared on a going
concern basis.
Report on Other Legal and Regulatory Requirements
As required by Section 143 (3) ofthe Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account. In our
opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 ofthe Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
The going concern matter described under the Emphasis of Matters
paragraph above, in our opinion, not have any adverse effect on the
functioning ofthe Company. On the basis ofthe written representations
received from the directors as on 31st March, 2015 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 (2) of the Act. With respect to the other matters to be included
in the Auditor's Report in accordance with Rule 11 ofthe Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has no pending litigations.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
(Referred to in Paragraph 3 of our Report of even date)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management during the year. To
the best of our knowledge, no material discrepancies were noticed on
such verification. The company did not dispose of a substantial part
of fixed assets during the year.
2) The inventory has been physically verified by the management during
the year at reasonable intervals.
In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business. The company is
maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stocks and the book records were not
material.
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 ofthe Companies Act.
4) In our opinion an according to the information and explanations
given to us, the company has an adequate internal control system
commensurate with its size and nature of its business. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in such internal control system.
5) According to the information and explanations given to us, the
company has not accepted any deposit from the public. Therefore, the
provisions of clause (v) of paragraph 3 of CARO 2015 are not applicable
to the company.
6) The company is need not required to maintain cost records at this
stage under sub-section (1) of section 148 of the Companies Act;
7) a) According to the records ofthe company, undisputed statutory dues
including income-tax, sales-tax, value added tax, cess and any other
statutory dues have been generally regularly deposited with appropriate
authorities.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect ofthe aforesaid dues were
outstanding as March 31, 2015for period of more than six months from
the date of becoming payable.
c) Details of dues of Income tax, Sales tax, Service Tax, Customs Duty,
Excise Duty, Value Added Tax are given below:
Sl. Name of the Statue Nature of Dues Amount (Rs.)
No.
1 VAT Act 2003 WB VAT -
2 VAT Act 2003 WB VAT -
3 VAT Act 2003 WB VAT -
4 INCOME TAX ACT 1961 INCOME TAX -
5 INCOME TAX ACT F.B.T -
Sl. Name of the Statue Period to which Forum where dispute
No. the amount is pending
relates
1 VAT Act 2003 2011 -12 Directorate of
Commercial Taxes
Govt. of W.B. (Appeal)
2 VAT Act 2003 2010-11 'DO'
3 VAT Act 2003 2008-09 'DO'
4 INCOME TAX ACT 1961 2008-08 Commissioner
of Income Tax(Appeal)
5 INCOME TAX ACT 2007-08 'DO'
d) The company is need not required to transfer to investor education
and protection fund in accordance with the relevant provisions ofthe
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8) The Company has no accumulated losses at the end of the financial
year. The company has not incurred cash losses during the financial
year covered by the audit and in the financial year immediately
preceding such financial year.
9) The Company has not taken loan under cash credit from bank. The
company has also unsecured loan from directors pending for repayment
till date.
10) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
11) The company has not raised any long term loans during the period.
12) In our opinion an according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
30th May, 2015 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747
Mar 31, 2014
Report on Financial Statement
We have audited the accompanying financial statements of M/S.
ANTARCTICA LIMITED of 1A, Vidyasagar Street, Kolkata-9, which comprises
the Balance Sheet as at 31st March, 2014 and the statement of Profit &
Loss and the Cash Flow Statement for the year 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,
financial performance ofthe Company in accordance with the Accounting
Standards notified under the Companies Act, 1956 (the Act) read with
the General Circular 15/2013 and dated 13th September,2013 ofthe
Ministry of Corporate affairs in respect of Section 133 ofthe Companies
Act, 2013 and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation ofthe 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 responsibily 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 of fraud or error. In making those risk
assessments, the audit 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 ofthe accounting
estimates made by management, as well as evaluating the overall
presentation ofthe 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 ofthe Balance Sheet, ofthe state of affairs ofthe
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 the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirments
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 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 which to the
best or 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, Statements 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 comply with the Accounting Standards notified under
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.
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 to the Independent Auditor''s Report
(Referred to in Paragraph 3 of our Report of even date)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management in a phased manner. We
have been informed that no material discrepancies were noticed on such
physical verifications. Substantial part of the fixed assets have not
been disposed of during the year, which will affects its status as
going concern.
2) The stocks of inventory has been physically verified by the
management during the year at reasonable intervals. In our opinion,
the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size ofthe
company and the nature of its business. The company is maintaining
proper records of inventory.
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) The company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms, or other parties covered in the
register maintained underSection 301 ofthe Act.
4) In our opinion, there is adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventry and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
5 a) On the basis of our examination ofthe books of account, the
Company has not entered into any transactions exceeding five lakh
rupees in respect of any party during the financial year that need to
be entered in the register pursuant to the Section 301 of the Act.
b) In view of our comment in paragraph 5 (a) above, clause (v) (b) of
Paragraph 4 of the aforesaid Order is not applicable.
6) The company has not accepted any deposits under provision of Section
58A and 58AA of the Act and the rules framed thereunder.
7) In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8) The Central Government has prescribed the maintenance of cost
records by the Company under section 209(1) (d) of the Companies Act,
1956 for its products.
9) The Company is regular in depositing undisputed statutory dues
including the Employees'' State Insurance, Investors Education and
Protection Fund, Provident Fund, Sales Tax/VAT, Excise Duty, Customs
Duty, Service Tax, Cess and other statutory dues with the appropriate
authorities within specified time.
10) The Company has accumulated losses as on 31-03-2014. The Company
has not incurred cash losses in the financial year under report.
11) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12) In our opinion, the Company is not a chit fund, nidhi or mutual
benefit fund/society.
13) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
14) The Company has not given any guarantee for loans taken by others
form banks or financial institutions during the year.
15) On the basis of review of utilisation of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loans taken by the Company were applied forthe purposes for
which they were obtained.
16) On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short term basis have not been used for
long term investment and vice versa during the year.
17) 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.
18) The Company need not create any related debenture trust deed as the
company has no debentures.
19) The Company in the recent past has not raised any money by public
issue.
20) During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have we been informed of such case by the
management.
30th May, 2014 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747
Mar 31, 2013
We have audited the accompanying financial statements of M/S.
ANTARCTICA LIMITED of 1A, Vidyasagar Street, Kolkata-9, which comprises
the Balance Sheet as at 31 st March, 2013 and the statement of Profit &
Loss and the Cash Flow Statement for the year 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,
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. 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 responsibily is to express an opinion on these financial statements
based on our audit. We conducted 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 of fraud or error. In making those risk assessments, the audit
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:
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 Profit and Loss Account, of the profit for the
year ended on that date, and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirments
1) As required by the Companies (Auditor''s Report) Order, 2003 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 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 which to the
best or 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, Statements 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 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 (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which 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 to the Auditor''s Report
(Referred to in Paragraph 3 of our Report of even date)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management in a phased manner. We
have been informed that no material discrepancies were noticed on such
physical verifications. Substantial part of the fixed assets have not
been disposed of during the year, which will affects its status as
going concern.
2) The stocks of inventory has been physically verified by the
management during the year at reasonable intervals. In our opinion,
the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business. The company is maintaining
proper records of inventory.
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) 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 Section 301 of the Act.
4) In our opinion, there is adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventry and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
5a) On the basis of our examination of the books of account, the
Company has not entered into any transactions exceeding five lakh
rupees in respect of any party during the financial year that need to
be entered in the register pursuant to the Section 301 of the Act.
b) In view of our comment in paragraph 5 (a) above, clause (v) (b) of
Paragraph 4 of the aforesaid Order is not applicable.
6) The company has not accepted any deposits under provision of Section
58A and 58AA of the Act and the rules framed thereunder.
7) In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8) The Central Government has prescribed the maintenance of cost
records by the Company under section 209(1) (d) of the Companies Act,
1956 for its products.
9) The Company is regular in depositing undisputed statutory dues
including the Employees'' State Insurance, Investors Education and
Protection Fund, Provident Fund, Sales TaxA/AT, Excise Duty, Customs
Duty, Service Tax, Cess and other statutory dues with the appropriate
authorities within specified time.
10) The Company has accumulated losses as on 31-03-2013. The Company
has not incurred cash losses in the financial year under report.
11) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12) In our opinion, the Company is not a chit fund, nidhi or mutual
benefit fund/society.
13) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
14) The Company has not given any guarantee for loans taken by others
form banks or financial institutions during the year.
15) On the basis of review of utilisation of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loans taken by the Company were applied for the purposes for
which they were obtained.
16) On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short term basis have not been used for
long term investment and vice versa during the year.
17) 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.
18) The Company need not create any related debenture trust deed as the
company has no debentures.
19) The Company in the recent past has not raised any money by public
issue.
20) During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have we been informed of such case by the
management.
29th May, 2013 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/S. ANTARCTICA
LIMITED of 1A, Vidyasagar Street, Kolkata-9, as at 31st March, 2011 and
the Profit & Loss Account for the year ended on that date annexed
hereto, and the Cash Flow Statement for the year ended on that date,
which signed under the reference to this report. 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 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 accounts
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 (Auditor's Report) Order 2003, issued
by the Central Government in terms of section 227 (4A) of the Companies
Act, 1956 of India ("The Act") and on the basis of such checks of the
books and records of the Company as we considered appropriate and
according to the information and explanations given to us, we give the
attached Annexure, a statement on the matters specified in Paragraph 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph
(3) above, 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 such
books of the company;
c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of accounts of the company;
d) In our opinion, the Profit & Loss Account and Balance Sheet have
been prepared in compliance with the applicable Accounting Standards
issued by the Institute of Chartered Accountants of India referred to
in Section 211 (3C) of the Companies Act', 1956 ("The Act")
e) As per information furnished to us, none of the Directors of the
Company is disqualified from being appointed as a Director under clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, to said Balance Sheet and Profit & Loss
account together with the notes annexed thereto give in the prescribed
manner, the information required by the Companies Act', 1956 and also
give a true and fair view in conformity with the accounting principles
generally accepted in India.
i) In so far as it relates the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2011.
ii) In so far as it relates to the Profit & Loss Account, of the Profit
of the Company for the year ended on that date.
iii) In the case of the 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)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management in a phased manner. We
have been informed that no material discrepancies were noticed on such
physical verifications. Substantial part of the fixed assets have not
been disposed of during the year, which will affects its status as
going concern. The fixed asset has been revalued during the year and
duly shown in the schedule-5 & 2 of the Balance Sheet.
2) The stocks of inventry has been physically verified by the
management during the year at reasonable intervals. In our opinion,
the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business. The company is maintaining
proper records of inventory.
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) 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 Section 301 of the Act.
4) In our opinion, there is adequate internal control procedures
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. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
5a) On the basis of our examination of the books of account, the
Company has not entered into any transactions exceeding five lakh
rupees in respect of any party during the financial year that need to
be entered in the register pursuant to the Section 301 of the Act.
b) In view of our comment in paragraph 5 (a) above, clause (v) (b) of
Paragraph 4 of the aforesaid Order is not applicable.
6) The company has not accepted any deposits under provision of Section
58A and 58AA of the Act and the rules framed thereunder.
7) In our opinion, the Company's present internal audit system is
commensurate with its size and nature of its business.
8) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209(1) (d) of the Companies Act,
1956 for its products.
9a) The Company is regular in depositing undisputed statutory dues
including the Employees' State Insurance, Investors Education and
Protection Fund, Provident Fund, Sales Tax/VAT, Excise Duty, Customs
Duty, Service Tax, Cess and other statutory dues with the appropriate
authorities within specified time, where it is applicable.
9b) Demand of Sales Tax of Rs. 17.11 lacs has been disputed by the
Company and the appeal is pending in Kolkata High Court and/or Sr.
JCST, Kolkata.
10) The Company has accumulated losses as on 31-03-2011. The Company
has not incurred cash losses in the financial year under report.
11) The Company has not defaulted in repayment of dues to financial
institutions, or Banks or debentures holders except matters under
sub-juice.
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund, nidhi or mutual
benefit fund/society.
14) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
form banks or financial institutions during the year.
16) On the basis of review of utilisation of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loans taken by the Company were applied for the purposes for
which they were obtained.
17) On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short term basis have not been used for
long term investment and vice versa during the year.
18) The Company has made 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 need not create any related debenture trust deed as the
company has no debentures.
20) The Company in the recent past has not raised any money by public
issue.
21) During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have we been informed of such case by the
management.
Dated, Howrah the For A.K.S. & ASSOCIATES,
30th August, 2011 (A.K.SAMANTA)
CHARTERED ACCOUNTANTS
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S. ANTARCTICA
LIMITED of 1A, Vidyasagar Street, Kolkata-9, as at 31st March, 2010 and
the Profit & Loss Account for the year ended on that date annexed
hereto, and the Cash Flow Statement for the year ended on that date,
which signed under the reference to this report. These financial
statements are the responsibility of the companys 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 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 accounts
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 in terms of section 227 (4A) of the Companies
Act, 1956 of India ("The Act") and on the basis of such checks of the
books and records of the Company as we considered appropriate and
according to the information and explanations given to us, we give the
attached Annexure, a statement on the matters specified in Paragraph 4
and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph
(3) above, 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 such
books of the company;
c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of accounts of the company;
d) In our opinion, the Profit & Loss Account and Balance Sheet have
been prepared in compliance with the applicable Accounting Standards
issued by the Institute of Chartered Accountants of India referred to
in Section 211 (3C) of the Companies Act, 1956 ("The Act")
e) As per information furnished to us, none of the Directors of the
Company is disqualified from being appointed as a Director under clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, to said Balance Sheet and Profit & Loss
account together with the notes annexed thereto give in the prescribed
manner, the information required by the Companies Act, 1956 and also
give a true and fair view in conformity with the accounting principles
generally accepted in India.
i) In so far as it relates the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010.
ii) In so far as it relates to the Profit & Loss Account, of the Profit
of the Company for the year ended on that date.
AND
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Annexure to the Auditors Report
(Referred to in Paragraph 3 of our Report of even date)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management in a phased manner. We
have been informed that no material discrepancies were noticed on such
physical verifications. Substantial part of the fixed assets have not
been disposed of during the year, which will affects its status as
going concern.
2) The stocks of inventry has been physically verified by the
management during the year at reasonable intervals. In our opinion,
the procedures of physical verification of inventry followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business. The company is maintaining
proper records of inventory.
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) 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 Section 301 of the Act.
4) In our opinion, there is adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, for the purchase of inventry and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
5a) On the basis of our examination of the books of account, the
Company has not entered into any transactions exceeding five lakh
rupees in respect
of any party during the financial year that need to be entered in the
register pursuant to the Section 301 of the Act.
b) In view of our comment in paragraph 5 (a) above, clause (v) (b) of
Paragraph 4 of the aforesaid Order is not applicable.
6) The company has not accepted any deposits under provision of Section
58A and 58AA of the Act and the rules framed thereunder.
7) In our opinion, the Companys present internal audit system is
commensurate with its size and nature of its business.
8) The Central Government has not prescribed the maintenance of cost
records by the Company under section 209(1) (d) of the Companies Act,
1956 for its products.
9a) The Company is regular in depositing undisputed statutory dues
including the Employees State Insurance, Investors Education and
Protection Fund, Provident Fund, Sales Tax/VAT, Excise Duty, Customs
Duty, Service Tax, Cess and other statutory dues with the appropriate
authorities within specified time, where it is applicable.
9b) Demand of Sales Tax of Rs. 12.97 lacs has been disputed by the
Company and the appeal is pending in Kolkata High Court and/or Sr.
JCST, Kolkata.
10) The Company has accumulated losses as on 31-03-2010. The Company
has not incurred cash losses in the financial year under report.
11) The Company has not defaulted in repayment of dues to financial
institutions, or Banks or debentures holders except matters under
sub-judice.
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund, nidhi or mutual
benefit fund/society.
14) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15) The Company has not given any guarantee for loans taken by others
form banks or financial institutions during the year.
16) On the basis of review of utilisation of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loans taken by the Company were applied for the purposes for
which they were obtained.
17) On the basis of review of utilisation of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short term basis have not been used for
long term investment and vice versa during the year.
18) The Company need not create any related debenture trust deed as the
company has no debentures.
19) The Company in the recent past has not raised any money by public
issue.
20) During the course of our examination of the books of accounts
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company nor have we been informed of such case by the
management.
Dated, Howrah the For A.K.S. & ASSOCIATES,
31 st August, 2010 (A.K.SAMANTA)
CHARTERED ACCOUNTANTS