Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Hind Commerce
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss and the Cash Flow Statement
for the year then ended, and a summary of the 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 and cash flows 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") read with the General Circular
No. 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013. 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
entity''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of 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 31st March, 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 Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 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, Statement of Profit and Loss, and the 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 the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 the Companies Act, 1956
read with the General Circular No. 15/2013 dated September 13,2013 of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013.
(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, 2013
from being appointed as a director in terms of clause (g) of
sub- section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph 1'' of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the Management during
the year. In our opinion, the frequency of verification of fixed assets
by the management is reasonable having regard to the size of the
Company and the nature of its assets. No discrepancies have been
noticed in respect of the assets physically verified during the year.
(c) Typewriter being the only fixed assets held by the Company has been
disposed off during the year and such disposal, in our opinion,has not
affected the going concern status of the Company
2. (a) The inventory has been physically verified by the management
during the year. In our, opinion, the frequency of such verification
is reasonable.
(b) The procedures of 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. No
discrepancies have been noticed on reconciliation of physical
inventories as compared to the book records.
3. As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. Therefore, requirement of clause (iii-a) to (iii-d) and
(iii-e) to (iii-g) of paragraph 4 of the Order are not applicable.
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 for the
purchase of inventory and for sale of goods. During the course of our
audit, we have not observed any major weaknesses in internal control
system.
5. According to the information and explanations given to us by the
management, there are no transactions that needed to be entered into
the register maintained under Section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provision of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have a formal system of internal audit, but
there are adequate checks & controls at all level.
8. The provisions of sec. 209(1) (d) of the Companies Act, 1956
regarding maintenance of Cost records are not applicable to the
Company.
9. (a) In our opinion and according to the information and explanations
given to us, the Company has been regular in depositing undisputed
statutory dues applicable to it.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses during the
current and in the immediately preceding financial year.
11. The Company has not taken any loans from financial institution or
bank or through issue of debentures. Accordingly, clause 4(xi) of the
Order is not applicable.
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. The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
14. The Company is not dealing or trading in shares, securities
debentures and other investments. Therefore, provisions of clause
4(xiv) of CARO, 2003 are not applicable to the Company.
15. In our opinion, the Company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of balance sheet & cash flow statement of the
Company, we report that the Company has not raised any funds on
short-term basis.
18. According to the information and explanations given to us, 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.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by way of public issues
during the year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For K K Khadaria & CO
Chartered Accountants
Firm Regn No: 105013W
Place : Mumbai Partner Ajay Daga
Dated : 7th May, 2014 Mem. No: 044162
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Hind Commerce
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, the Statement of Profit and Loss and the Cash Flow Statement
for the year then ended, and a summary of the 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 and cash flows 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, 2013;
(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 Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 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, Statement of Profit and Loss, and the 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 the Cash Flow Statement 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, 2013 & taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph ''1'' of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including * quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the Management during
the year. In our opinion, the frequency of verification of fixed assets
by the management is reasonable having regard to the size of the
Company and the nature of its assets. No discrepancies have been
noticed in respect of the assets physically verified during the year.
(c) The Company has not disposed off any fixed assets during the year.
2. (a) The inventory has been physically verified by the management
during the year. In our, opinion, the frequency of such verification
is reasonable.
(b) The procedures of 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. No
discrepancies have been noticed on reconciliation of physical
inventories as compared to the book records.
3. As informed to us, the Company has neither granted nor taken any
loans, secured or unsecured, to/from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. Therefore, requirement of clause (iii-a) to (iii-d) and
(iii-e) to (iii-g) of paragraph 4 of the Order are not applicable.
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 for the
purchase of fixed assets, investment & services. The Company does not
purchase of inventory and the sale of goods. During the course of our
audit, we have not observed any major weaknesses in internal control
system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangement
that needed to be entered into the register maintained under Section
301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangement entered into the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable having regard to the prevailing market price at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provision of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have a formal system of internal audit, but
there are adequate checks & controls at all level.
8. The provisions of sec. 209(1) (d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues applicable to it.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and in the immediately preceding financial year.
11. The Company has not taken any loans from financial institution or
bank or through issue of debentures. Accordingly, clause 4(xi) of the
Order is not applicable.
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. The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
14. The Company is not dealing in shares and other investments.
Therefore, provisions of clause 4(xiv) of CARO, 2003 are not applicable
to the Company.
15. In our opinion, the Company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of balance sheet & cash flow statement of the
Company, we report that the Company has not raised any funds on
short-term basis.
18. According to the information and explanations given to us, 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.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by way of public issues
during the year.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For K K Khadaria & CO
Chartered Accountants
Firm Regn No: 105013W
Place : Mumbai
Dated : 28th May, 2013
Ajay daga
partner
Mem. No: 044162
Mar 31, 2012
Not Available
Mar 31, 2011
We have audited the attached Balance Sheet of HIND COMMERCE LIMITED as
at 31st March, 2011, :he related Profit and Loss Account of the Company
for the year ended on that date annexed thereto, and the Cash Flow
Statement for the year ended on that date, which we have signed under
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.
We 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.
1. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditors'' Report) Amendment Order 2004 issued
by the Central Government 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.
2. Further to our comments on the Annexure referred to in paragraph 1
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 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 appears from our examination of the
books;
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash Flow statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of 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, the accounts read with Accounting
Policies and notes given in Schedule "M" give the information required
by the Companies Act, 1956, in the manner so required and give a true
and fair view in conformity with accounting principles generally
accepted in India;
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011,
ii) in the case of Profit & Loss Account, of the profit of the Company
for the year ended on that date, and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
7. The Company does not have a formal system of internal audit, but
there are adequate checks & controls at all level.
8. The provisions of sec. 209(l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues applicable to it.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current financial year and has incurred in the immediately preceding
financial year.
11. The Company has not taken any loans from financial institution or
bank or through issue of debentures. Accordingly, clause 4(xi) of the
Order is not applicable.
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. The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing in shares, securities, debentures and
other investments and timely entries have been made therein. All the
shares, securities, debentures and other investments have been held by
the Company in its own name or pending transfer thereof.
15. In our opinion, the Company has not given any guarantee for loans
taken by others from bank or financial institutions.
16. The Company has not raised any term loan during the year and hence
clause 4(xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet & cash flow statement of
the Company, we report that the Company has not raised any funds on
short term basis.
18, According to the information and explanations given to us, 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.
19, The Company did not have any outstanding debentures during the
year.
20, The Company has not raised any money by way of public issues during
the year.
21, According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(FIRM REGn.NO.105013W)
PLACE: MUMBAI AJAY DAGA
DATED: 25* August, 2011 PARTNER
Mem No.44162