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Auditor Report of Kabra Commercial Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of KABRA COMMERCIAL LTD. ("the Company"), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss and 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

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 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 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the 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 of the accounting records, 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted 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 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 internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies 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 the 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 and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31st March, 2015, and its 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 2015 ("the order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the said order.

2. As required by Section 143 (3) of the 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 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 it appears from our examination of those books.

(c) The Balance Sheet, the 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 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 of the 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.

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Auditors) Rules, 2015, in our opinion and to the best of our information and according to the explanations given to us :

(i) The pending litigations does not have any impact on financial position of the Company.

(ii) The Company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

(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 AUDITORS' REPORT

(Referred to in our Report of even date)

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state as under :

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

(b) The management at reasonable intervals carried out the physical verification of these fixed assets which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(ii) (a) The stock of traded goods have been verified during the year by the management at regular intervals. In our opinion, the frequency and procedure of the physical verification of inventories is reasonable and adequate having regard to the size of the Company and nature of its business.

(b) In our opinion, the Company is maintaining proper records of inventory and no discrepancies were noticed on physical verification.

(iii) The Company has not granted any unsecured loan to Companies, firms or parties covered in the register maintained under section 189 of the Companies Act, 2013.

(iv) In our opinion and as explained 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 fixed assets and for the sale of goods and services. During the course of our audit, no major weakness have been noticed in the internal control system and there is no continuing failure for the same.

(v) The Company has not accepted any deposits from public.

(vi) The Central Government has not prescribed the maintenance of cost records under Section 148 of the Companies Act, 2013.

(vii) (a) According to the information and explanation given to us and the records as produced and examined by us, in our opinion, the Company is regular in depositing with appropriate authorities the undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-Tax,Sales-Tax, Wealth-Tax, Service Tax, Custom Duty,Excise-Duty, Value added Tax, Cess and other statutory dues and there are no arrears of outstanding statutory dues outstanding as at 31st March 2015, for a period of more than six months from the date they became payable.

(b) There is no amount dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of any dispute,

(c) There is no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

(viii) The company does not have any accumulated losses as on 31st March 2015 and has not incurred any cash losses during the financial year covered by our Audit or in the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of dues to a bank from which the Company has obtained overdraft facility.

(x) Based on our examination of the records and documents, the Company has not given any guarantee for loans taken by other bank or financial institutions.

(xi) According to the information and explanations given to us, no term loan has been raised by the Company.

(xii) As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For S. C. SONI & CO. Chartered Accountants Firm Regn.No.326770E

S.C. SONI Kolkata Proprietor 30th May, 2015 M.No. 50515


Mar 31, 2014

We have audited the accompanying financial statements of Kabra Commercial Ltd, which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and Cash Flow Statement lor the year then ended and a summary of the signllrcant accounting policies end 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 8 true and fair view at the financial positron, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the "Act" (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 In terms of General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs) 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 Of the financial statements that give a Vue and fair view and are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Out responsibility Is to express an opinion on these financial statements based tin our audit. we conducted Our audit In accordance with the Standards On Auditing Issued by the Institute of Chartered Accountants of India. Tho» Standards require that we comply with tifolcsl requirements and plan and perform foe audit to obtain reasonable assurance abotif 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 auditors' judgment including the assessment of the risks of materiel misstatement of in a financial statements, whether due to fraud Or error, In making those nek assessments, the auditory 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 but not for the purpose Of expressing an opinion on the effectiveness of the Company's Internal control. An audit includes evaluating the apprapnaJeness of accounting policies used and the reasonabtortess of the accounting estimates made by Management as well as evaluating the overall presentation of foe financial statements.

iVg believe that the audit evidence we have Obtained is sufficient and appropriate to provide a basis tor our aitdil opinion.

Opinion

In our opinion and to the best of our Information and Recording to the explanations given to us, the afforesald 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 dam; and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company 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 Section 227 (4A) 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 I he 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 ofthosa books;

(c) The Balance Sheet, Statement ol 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 I he Act which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of Gen oral Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs.

(a) On the basis of written representations received from the directors as on 31st March, 2014 and taken on record by the Board ol Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed ns a director in terms of Section 274(|)(g) of the Act.

AMNEXUfiE TO THE AUDITOR'S REPORT

(Referred to In paragraph (11 of our report of even date on the Statement ot Katara Commercial Ltd, ss at and for the year ended on that date)

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

(b) The fixed assets have been phys ically verified by the management at reasonabIe intervaIs and no material discrepancies were noticed on such verification.

(c) No fixed assets have been disposed off during the year.

(ii) (a) The inventory of the Company has been physically verified by the management during the year according to a phased programme normally so designed that each material item us physically verified at least once in s year and at more frequent intervals in appropriate cases.

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

(c) the Company is maintaining proper records of inventory. The discrepancies, noticed on verification between the physical stocks and the book records were not material.

(iii) As informed to us, 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 Companies Act, 1956.

(iv) in our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company end the nature of Its business, for the purchase of inventory. Purchase of Fixed Assets and for the safe of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls system,

(v) (a) In our opinion according to the information and explanations given to us, the transactions made In pursuance of such contracts or arrangements and exceeding the value of Rupees Five lakhs fn respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(b) According to the information and explanations given to us. we are of the opinion that the transactions that nood to be entered into the Register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(vi) The Company has not accepted any deposits from the pubIic.

(vii) In our opinion, the Company has its own internal audit system commensurate with the size and nature of its business,

(viii) Manitenance of coal records has not been prescribed by the central Government under Clause (d) of Sub - Section (1) of Section 209 of the Companies Act. 1956 for any of the product or service of the Company,

(ix) The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees Slate insurance, Investor Education and Protection Fund, Employees' State Insurance. Income Tax, Bales Tax, Wyaith Tax. Service Tax, Custom duty, Excise Duty, Gass and other statutory dues with the appropriate a-jlhtirltles wherever applicable. According Eg the information and explanation given to us there are no arrears of outstanding statutory dues as maintaind above as at 31st March 2014 for a period of more than six months from the date they became payable.

According to the Information and explanation given to us, theme are no such statutory dues, which have not been deposited on account of any dispute.

(x) The Company has no eccumulated losses at the 31st March 2014 4 and has not incurred any cash losses during the financial year ended on that date Or in the immediately preceding financial year.

(xi) Based on our audit procedures and on the information and explanations given by the management, we ana of the opinion that the Company has not defaulted in repayment of does to a financial institution end bank. The Company does not have any borrowings by way of ctebenlutes.

(xii) Based on our examination of documents arid mortis, we are of the opinion that the company has not granted Any loan on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Provision of any Spacial statute as specified under clause (xiii) of the order are not applicable to the Company,

(xiv) In resped of dealing in securities and other investments. in our opinion and according to the i nformation and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made in records. Investments are held by the Company in its own name.

(xv) According to the information and explanations given to us. the Company has not given any guarantee for bans taken by Others from banks or financial Institutions.

(xvi) The Company has not taken i raised any term loans during the year

(xvii) Based the information and explanation given to us and on an overall examination of the Balance Sheet of the company. in our opinion, there are no funds raised on a short (arm basis which have been used for long term Investment,

(xviii) The, company has not made any preferential allotment of shares to parties or compand covered In the register maintained under section 301 of the Companies Act, 1956.

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not rasied any money through public issue during the year.

(xxi) Based upon the audit procedure performed, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For S. C. SONI & CO, Chartered Accountants Firm Aegn,No.326770E

S. C. SONI Kolkata Proprietor 30th May, 2014 M.No, 50515


Mar 31, 2013

We haw audited the accompanying financial statements of Kabra Commercial Ltd. fine iGompahyl, which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a Summary of significant accounting policies and other explanatory intorniaiiOfl, which we haw signed under reference to this report.

Management's Responsibility for the Financial Statements

The Company's Management is responsible tor the preparation of these FineriMl statements Hurt give a I PUB and fair view of the hrtanclgJ position, financial performance and cash flow of the Company In accordance with the Accounting Standards referred 10 in sub-SEOUpo (3C} of Section 211 of the Companies Act, 1956 till India (lire Act}.This responsibility includes the design, implemEmtstion and mfiJnlonarrco d internal control relevant to the preparation and presentation d the financial statements that give a true and lair view end am free from malarial misstatement, whether due to fraud or error

Auditors' Responsibility

Our responsibility is to express an opinion do these financial statements based cm our audit. W& conducted our audit In accordance with the Standards on Auditing issued by the Institute of Chartered Accountant* Of India. ThdsO Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assonance about wheather me financial statements are free from material misstatement.

An audit involves performing procedures to Obtain audit evidence. about the amounts and discolsure in the financial statements, The procedures selected depend on ms auditors' Judegment the assessment of the risks of material misstatement of me financial statements, whether duo to fraud or error, in making those risk assessments, The auditors confer internal control relevant to the Company reparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in too circumstances. An audit also Includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management a well &a evaluating the overall presentation of fire 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 lo the beat of our information and according lo the explanations given to us, the accompanying 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 Shoot of the slate of affairs of the Company as at March 31.2013:

|b) In tile case of tire Statement of Profit and Less, of the profit tor me year ended on that dais: and

(C] in the Case of The Cash Flow Statement, or the cash (lows for the year confirmed on that date

Report on 01 her Legal and Regulatory Requirements.

1. As required by the Companies (Auditors Report; Order, egos1, and do the basis of such checks the books and records or the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5oF the Order.

2. AS required by Section 2£f(3} of the Act. we report that:

(a) We nave obtained all information and explanations which, 10 the best of our knowledge and boheP, wore necessary for the purpose of our audit;

(b) In our Opinion, proper bocks of account as required by law have been kept try the Company SO far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Row Statement deal with by this Report are In agreement with the books of account.

(d) In OUT opinion, the Balance Sheet. Statement of Profit and Loss and Cash Flew statement dealt with by Vila report comply with the Accounting Standards referred to In sub-section (3C] of Section 211 of the Act;

e) On the basis of whiten representations received from the directors as on March 31.2013 and taken on record by the Board of Directors, hone of the directors to disqualified as on March 31L 2013, from being appointed as a director in terms at clause (g) of sub-section f 1} or section 274 d IfwAd.

ANNEXURE TO THE AUDITOR REPORT

(Referred to in paragraph (1) of our report of even on the statements of karba commercial ltd. as at and for the year ended date)

(i) (A) The Company has maintained proper records showing Full particulars including quantitative delaiEs and situation Fixed assets.

(b The fixed assets have been physically v6n!i6d by the management reasonable intervals arid no material discrepancies worn noLtoedcfl such verification.

c) Mo substantial part Of the fixed assets have been disposed off during the year affecting the going concern status of the Company,

(ii) (a) The inventory of the Company has been physically verified by toe management during ma year according to a phased programme normally so designed That each material items us physically verified at least once in a year and at more frequent intervals in appropriate cases.

(b) In our oPinion and according to the information and explanation given to us, the procedures ?f physical verification of inventories followed by management are reasonable and adequate In relation to size of the Company and nature of its business.

c The Company is maintaining proper records of inventory discrepancies noticed on verification between the physical stocks and the book records were not material

iii. As informed to us, the Company has neither granted nor tax on any loan secured or unsecured, to /from company, firms brother parties cowered in the register maintained under Section 301 oMhe CompanieaAci, 1956.

iv) In cur opinion anti according to the information and explanations given to us, them are adequate internal control procedures commensurate with the size of the Company and the nature of its business, tor the purchase of inventory and for the sale of goods. During the course of our audit we have not observed any continuing failure to concerned major weaknesses In Internal controls.

{v) {a) in our opinion and according to the information and explanations given to us, the particulars of contacts or arrangement retorted to in Section 301 of the Companies Act 1856 rave beer entered In the register required to be maintained under that Section.

vi) According 10 the inFOrmation and explanation given- to use, we ere of the opinion that the transactions Iha1 need to be entered Into the Register maintained under Section 30T of the Companies Act. 1956 have been so entered.

(v) The Company has not accepted any deposits from the public.

vii) In our opinion. the Company has an Internal audit system ftjmnWnMJrate with the size and nature ofHa business.

(viii) Maintenance of Coat records has not own prescribed by the Central Government under Clause was of) Of Sub - Section {1) oF Sac the M9 cFthe companies Act, l95d tor any r.f the product or service of toe Company.

(ix) The CwTpany la regular In depositing under disputed statutory duns providend Pm employees Fund. State insurance, investor Education and Protection Fund, employees' Slate insurance, income Tax. Sales Tax. Wealth Tax. Service Tax, Custom duty. Excise Duty, Cess and other statutory dues with the appropriate authorities wherever applicable. According to the Information and explanation given to us there are no arrears of outstanding statutory dues as mentioned above as at 31st March 2013 for a period of more than six months from the date they became payable.

According to the Information and explanation given to us, there are no such statutory dues, which have not been deposited on account of any dispute.

(x) The Company has no accumulated losses at the 31*1 March 2013 and has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year

(xi) Based on our audit procedures and on the information and explanations given by the management, we arc of the opinion that the Company has not defaulted In repayment of dues to a financial institution and bank. The Company does not have any borrowings by way of debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Provision of any special statute as specified under clause (xiii) of the order are not applicable to the Company,

(xiv) in respect of dealing in securities and other investments, the our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made In records, investments are held by the Company In its own name.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) The Company has not taken / raised any term loans during the year.

(xvii) Based the Information and explanations given to us and on an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment.

(xviiI) The company has not made any preferential allotment of shares,to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(XiX) The C0mpany d id not have any outs landing debentures during the year.

(xx) The Company has not raised any money through public issue during the year,

(xxi) Based upon the audit procedure performed, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For SONI AGAL & CO. Chartered Accountants Firm Regn,No.326770E

S. C. SONI

Kolkata Proprietor 13th August, 2013 M,No. 50515


Mar 31, 2011

We have audited the attached Balance Sheet of Kabra Commercial Ltd. as at 31st March. 2011 and also the annexed Profit and Loss Account for the year ended on that date, 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 the 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 disclosure 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 statements presentation . We believe that our audit provides a reasonable basis for our opinion.

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 Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2, Subject to our comments in the annexure referred to in paragraph (1) above :

(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;

(ii) In our opinion .proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books :

(iii) The Balance Sheet. Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts:

(iv) In our opinion, the Balance Sheet , Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Act;

(v) Based on representations made by the Directors of the Company and the information and explanations as made available, directors of the Company do not prima facie have any disqualification as referred to in clause (g) of sub-section (1) to Section 274 of the Act.

(vi) In our opinion and to the best of our information and according to the explanations given to us. the annexed accounts subject to and read together with the "Observation" thereon and the "NOTES" as per Schedule '8' annexed thereto 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 stale of affairs of the Company as at 31st March, 2011 and

(b) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date.

(c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date,

AMNEXUKE TO THE AUDITOR'S REPORT :

(Referred to in paragraph (l) of our report of even date on the Statement of Kabra Commercial Ltd. as al and for the year ended on that date)

(i) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets, All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification Which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets.

No material discrepancies were noticed on such verification,

No significant fixed assets were disposed off during the year by the Company.

(ii) The management has conducted physical verification of inventory at reasonable interval during the year. The Company has no stock of inventories at the year-end. in our opinion, the procedures for physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and nature oft its business.

The Company is maintaining proper records of inventory. The discrepancies noticed on physical verification as compared to book records which were not material, have been properly dealt with in the books of account.

(iii) As informed to us. 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 Companies Act, 1956,

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory 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.

(v) (a) In our opinion and: according to the mfonnafitip and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, having regard to the comments above, where there have been transaction with other parties, the transactions made in pursuance of contracts or arrangements entered in the register maintained Under Section 301 of the Companies Act, 1956 during the year have been made at prices, which are reasonable having regard to the prevailing market prices for such goods, materials or services at the relevant time.

(vi) The Company has not accepted any deposits from the public.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) Maintenance of Cost records has not been prescribed by the Central Government under Clause (d) of Sub - Section (1) of Section 209 of the Companies Act, 1956 for any of the product or service of the Company,

(ix) The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State insurance. Investor Education and Protection Fund. Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Sendee Tax. Custom duty, Excise Duty, Cess and other statutory dues with the appropriate authorities wherever applicable. According to the information and explanation given to us there are no arrears of outstanding statutory dues as mentioned above as at 31st March 2011 for a period of more than six months from the date they became payable.

According to the mformulion and explanation given to us, there are no such statutes have not been deposited on account of any dispute,

(x) The Company has no accumulated losses at the 3 1st March 2011 and has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year

(xi) Based on our audit procedures and on the information and explanations given by the management, we arc of the opinion that the Company has not defaulted in repayment of dues to a financial institution and bank, The Company does not have any borrowings by way of debentures,

(xii) Based on our examination of documents and records, we are of the opinion that the compart; has not granted any loan on the basis of security by way of pledge of shares, debentures, and other securities,

(xiii) The Provision of any specified statute as specified under clause (xiii) of the order are not applicable to the Company.

(xiv) In respect of dealing in securities and other investments, in our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made in records. Investments are held by the Company in its own name.

(xv) According to the information and explanations given to us. the Company has not given any guarantee for loans taken by others from banks or financial institutions,

(xvi) , The Company has not taken / raised any term loans during the year.

(xvii) Based the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment.

(xviii)The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act. 1956.

(Xiv) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money through public issue during the year

(xxi) Based upon the audit procedure performed and information and explanations given by the management we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Soni Agal & Co. Chartered Accountants FirmRegn.No.3267701

Kolkata ( S, C. Soni) 31st May, 2011 Partner M.No. 50515



 
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