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