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Auditor Report of Cybele Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. CYBELE INDUSTRIES LTD which comprise the balance sheet as at 31.03.2015, the statement of profit and loss, and the cash flow statement for the year then ended and summery 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 and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India including the accounting standards specified under section 133 of the act read with rules 7 of the companies (Accts) Rules 2014. This responsibilities also includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and deducting frauds and other irregularities, selection and applications 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 operation effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material miss statement, 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 have taken in to account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report and the provisions of the act and the rules made there under.

We conduct our audit in accordance with the standards on auditing specified under section 143 (10) of the act those standards require that we comply with ethical requirement and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material miss statement

An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedures selected depend on the auditor's judgments, including the assessment of the risks of materials misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the company's preparation of the financial statements - that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose expressing an onion on whether the company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting polices used and the reasonableness of the accounting estimates made by the company's directors, as well as evaluating the overall presentation of the financial statements.

We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information's and according to the explanations given to us, the aforesaid financial statements, give the information's required by the act in the manor so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at 31.03.2015 and its profit and its cash flows for the year ended on that date.

Report on other legal and regulatory Requirements

1) As required by the companies (Auditors report) orders 2015 (the order) issued by the central government of India in terms of sub sec(11) of section 143 of the act, We give in the annexure a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable.

2) As required by section 143 (3) of the act we report that.

a) we have short and obtained all the information's and explanations which to the best of our Knowledge and believes were necessary for the purposes of our audit

b) In our opinion proper books of accounts as required by law have been kept by the company so far as its appears from our examination of those books.

c) The balance sheet, the statement 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 aforesaid financial statements comply with the Accounting standards specified under section 133 of the Act, read with Rule 7 of the companies (Accounts) Rules,2014.

e) On the basis for written representations received from the directors as on 31.03.2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31.03.2015 from being

Annexure to the Auditor's Report

The annexure referred to in Para 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report to the members of the Company for the year ended 31st March, 2015.

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

b) The assets have been physically verified by the management at the end of financial year, which in ou8r opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

2) a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

Appointed as a director in terms of section 164 (2) of the act and

f) With respect to the other matters to be included in the auditor's report in accordance with rule 11 of the companies (audit and auditors) rule 2014, in our opinion and to the best of our information's and according to the explanations given to us:

i) the companies does not have any pending litigations which would impact its financial position

ii) the company did not have any long term contract including derivatives contracts for which there were any material foreseeable losses

iii) No amount is required to be transferred to the investor education and protection fund by the company

b) In our opinion and according to the 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) The Company has maintained proper records of inventories. As explained to us, there were no materials discrepancies noticed on physical verification of inventories as compared to the book records.

3) a) During the year, the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.

4) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5) The company has not accepted Deposits form Directors and Inter Corporate. In our opinion and according to information and explanations given to us, all the directives issued by the Reserve Bank of India and provisions of Section 73 to 76 or any other relevant provisions of the Companies Act 2013, and the rules framed there under where applicable were complied with. Further, we are informed y the management that no order has been passed by the Companies Law Board or National Company Law Tribunal or RBI or any court or any Other Tribunal on the Company.

6) We have broadly reviewed the cost records maintained by the Company specified by the Central Government under sub Section (1) of section 148 of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

7) a) According to the information and explanation given to us and on the basis of our examination of the records of the company, amount deducted/ accrued in the books of accounts in respect of undisputed Statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Value Added Tax, Excise Duty, Cess and other material Statutory dues applicable have been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty, Value Added Tax, Cess and other material statutory dues were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us no amount is required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

8) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions and banks. The Company does not have any borrowings by way of debentures.

10) According to the information & explanation given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

11) The loans outstanding at the beginning of the year and those raised during the year have been applied for the purpose for which they were raised.

12) In our Opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For M/s Karpagam & Co

Chartered Accountants

S.SRIKANTH

Date: 30.05.2015 Partner

Place: Chennai Membership No; 26588


Mar 31, 2014

We have audited the accompanying financial statements of Cybele Industries Limited which comprise the Balance Sheet as at 31st March , 2014 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and 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 ("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.

Auditors'' 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 the 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 the 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 the 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 the 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 31st March, 2014;

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

Report on Other Legal and Regulatory Requirementss

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 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 Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF M/s. Cybele Industries Limited

1 (a) The company is maintaining proper records showing full particul -ars including quantitative details and situation of fixed assets.

(b) The management at reasonable intervals has physically verified these fixed assets; No material discrepancies were noticed on such verification.

(c) A substantial part of the fixed assets have not been disposed of during the year.

2 a) Physical verification of inventory has been conducted at reason -able intervals by the management.

b) 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.

c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification

3 The company has neither granted nor taken loans, secured or unsecured to or from companies, firms or other parties covered in the register to be maintained under s.301 of the Companies Act, 1956.

4 Ihere is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets.

5 This item does not arise as there are no transactions exceeding the value of five lakh rupees in respect of any party covered in the register to be maintained under s. 301 of the Companies Act, 1956 during the financial year under consideration.

6 The company has not accepted deposits from the public.

7 The company has an internal audit system commensurate with the nature and size and nature of its business.

8 Maintenance of cost records has been prescribed in respect of the company.

9 The company is regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Service tax, and tax deducted at source as applicable with the appropriate authorities and there are no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

10 The company has not incurred cash losses in the immediately preceding financial year.

11 The company has not defaulted in repayment of dues to any financial institutions or banks or debentures holders.

12 The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13 As the company is not a chit fund this item is not applicable.

14 The company is dealing or trading in shares, securities, debentures and other Investments and proper records have been maintained of the transactions and Contracts and timely entries have been made therein; the shares, securities, debentures and other investments have been held by the company in its own name except to the extent of the exemption, if any, granted under s. 49 of the Act..

15 The company has not given any guarantee for loans taken by others from banks or financial institutions.

16 Term loans were applied for the purpose for which the loans were obtained.

17 An examination of the books, records and vouchers produced before us reveals that the funds raised on short term basis have not been used for long term investment and vice versa.

18 The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under S.301.

19 As the company has not issued any debentures this item is not applicable.

20 As the company has not made any public issue of shares this item is not applicable.

21 No fraud on or by the company has been noticed or reported during the year.

For M/s. Karpagam & Co., Chartered Accountants

Place : Chennai S. SRIKANTH Date : 30.05.2014 Partner Membership No.: 26588


Mar 31, 2010

1. We have audited the attached Balance Sheet of Cybele Industries Limited as at 31st March 2010 and the Profit and Loss Account and also the cash flow statement for the year ended on that date, annexed thereto. 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 conducted our audit in accordance with auditing standard 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 amount 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 in terms of Section 227 (4A) of the Companies Act 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to on Paragraph 3 above, we report that:

(i) 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; so far as appears from examination of those books;

(ii) In our opinion, proper books of accounts as required by law have been kept by the company,

(iii) The Balance Sheet and 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, Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of the written representations received from the Directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2010 from being appointed as a Director in terms of clause (g) of subsection (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 accounts 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

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

(c) in the case 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. In respect of fixed assets:

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

(b) The fixed assets were physically verified during the year by the management in accordance with a programme of verification which in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not sold/disposed off any significant portion of fixed assets during the year.

2. In respect of its inventories:

(a) As explained to us, inventories were physically verified by the management at reasonable intervals

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories. The discrepancies noticed on physical verification between physical stock and book records were not material.

3. During the year under consideration, the Company has not granted or taken by the Company any loan secured or unsecured to or from Companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956;

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure 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. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956;

(a) According to the information and explanations given to us, the transactions that needed to be entered into the register have been so entered.

(b) In our opinion and according to the information and explanations given to us, where each of such transactions is in excess of Rs.5 lakhs in respect of any party during the year, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the Public during the year.

7. In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

8. Statutory and other dues:

(a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutory dues including Provident Fund. Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty, Cess and any other statutory dues applicable to it with the appropriate authorities during the year.

(b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty wealth tax excise duty and cess which have not been deposited on account of any dispute.

9. In our opinion, the Company has incurred cash losses during the current and the immediately preceding financial year.

10. According to the information and explanations given to us by the management, we are of the opinion that the Company has not defaulted in repayment of dues to bank.

11. Based on our examination of documents and records, we are of the opinion that no loans or advances have been granted by the Company 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 or nidhi mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order 2003 are not applicable to the company.

13. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion an according to the information and explanations given to us, the company has not given any guarantee for loans taken by other from Banks and Financial Institutions during the year.

15. The Company has not availed any term loans during the year.

16. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment by the company. No long term funds have been used to finance short term assets except permanent working capital.

17. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

18. The company has not issued any debentures during the year.

19. The company has not raised any money by public issues during the year.

20. 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 was noticed or reported during the year.

For M/s. Karpagam & Co., Chartered Accountants



Place : Chennai S.SRIKANTH

Date : 31.07.2010 Partner

 
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