Mar 31, 2015
We have audited the accompanying Financial Statements of MIHIKA
INDUSTRIES LIMITED, which comprises of the Balance Sheet as at March
31, 2015, 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 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
there under .
We conducted our audit in accordance with the Standards on Auditing
specified under sub-section (10) of section 143 of Companies Act, 2013.
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 judgement, 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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
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, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act (hereinafter referred to the "Order"), and on
the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
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, 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 written representations received from the Directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 Auditors'
Report in accordance with Rule 11 of the Companies (Audit and
Auditors), Rules 2014, in our opinion and to the best of our
information and according to the explanations given to us:-
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivatives 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
The annexure referred to in our report of even date to the members of
Mohika Industries Limited on the accounts of the company for the year
ended 31st March, 2015 on the basis of such checks as we considered
appropriate and according to the information and explanation given to
us during the course of our audit, we report that :-
1. In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals in a phased manner which in our
opinion is reasonable having regard to the size of the company and the
nature of its assets. No material discrepancies have been noticed on
such verification.
(c) According to information and explanations given to us, no
substantial part of fixed assets has been disposed off by the company
during the year.
2. In respect of its Inventories:
(a) As explained to us inventories have been physically verified by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of inventory records, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies were noticed on physical
verification of inventory.
3. As informed to us, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013.
Accordingly, the sub-clauses (a) and (b) of clause (iii) of the Order
are not applicable to the company.
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. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. According to the information and explanations given to us, the
company has not accepted any deposits in terms of directives issued by
Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act, 2013 and the rules
framed there under .
6. Maintenance of cost records as specified by Central Government
under sub section (1) of section 148 of Companies Act, 2013 is not
applicable to the company.
7. (i) The company is generally regular in depositing 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 any other statutory dues with the
appropriate authorities and we have been informed that there are no
arrears of outstanding statutory dues as at the last day of the
financial year under audit for a period of more than six months from
the date they became payable.
(ii) According to the information and explanations given to us, no
undisputed amount is payable in respect of Income Tax or Sales Tax or
Service Tax or Custom Duty or Excise Duty or Value Added Tax or Cess as
on March 31, 2015.
(iii) In our opinion and according to the information and explanations
given to us, no amounts were required to be transferred to Investor
Education and Protection Fund in accordance with the relevant
provisions of Companies Act, 1956 (1 of 1956) and rules made
there under .
8. The Company has no accumulated losses at the end of the financial
year under audit. The company has not incurred cash losses during the
financial year covered by audit and in the immediately preceding
financial year.
9. According to the information and explanations given to us, the
company has not obtained any loans from Financial Institution or Banks.
10. 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, the terms and conditions whereof are
prejudicial to the interest of the company.
11. According to the information and explanations given to us, no term
loans were obtained during the year under audit.
12. Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year of our audit.
For J. GUPTA & CO.
Chartered Accountants
FirmReg.No.314010E
JAI NARAYAN GUPTA
Dated : 30th Day of May, 2015 Partner
Place : Kolkata Membership No.051428
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Mihika
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and 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 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 notified under the Companies Act, 1956 (the
Act) read with the General Circular 15/2013 dated 13th September , 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 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
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, 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 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 also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
c) In the case of 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 purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1)of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 of our report of even date on the other
legal and regulatory requirements (Re: Mihika Industries Limited)
1. The company does not have any fixed assets during the year.
2. In respect of its inventories,
a) As explained to us inventories have been physically verified by the
management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us , the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of inventory records, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies were noticed on physical
verification of inventory.
3. On the basis of records examined by us and according to the
information & explanations given to us , the company has neither
granted nor taken any loans, secured or unsecured to / from companies,
firms or other parties covered in theregistermaintainedunder301 of the
CompaniesAct,1956.Accordingly,theprovisionsofClause4(iii)ofthe Order
are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of Company and the nature of its business
with regard to purchases of inventories and fixed assets and sale of
shares & securities traded by it .During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control.
5. a) To the best of our knowledge and beliefs and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered in the register maintained in
pursuance of Section 301 of the Act have been properly entered in the
said register.
b) In our opinion and according to the information and explanations
given to us, there are no transactions exceeding the value of five lakh
rupees in respect of any of the parties mentioned in 5(a) above.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public
during the year.
7. The company has an adequate internal audit system, which in our
opinion, is commensurate with the size and the nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Act.
9. a) According to the information and explanations given to us and
according to books and records produced and examined by us, the company
is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Employees'' State
Insurance, Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Sales Tax, Excise Duty and Cess which are outstanding as
at 31st March, 2014 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no undisputed statutory dues, not deposited by the company .
10. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. On the basis of the records examined by us and the information and
explanations given to us, during the year, the company has not availed
any borrowings from banks or financial institutions.
12. In our opinion and according to the information and explanations
given to us, the company has not granted 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/ nidhi / mutual benefit fund or
society.
14. The Company is not in the business of dealing or trading in
shares. The company is maintained proper records of transactions and
contracts in respect of Shares, Securities, Debentures and other
Investments and timely entries have been made therein.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not aken any
term loan during the financial year covered by our audit.
17. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, we report that no funds raised on short term
basis have been used for long-term investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares during the
year.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For J. GUPTA & CO.
Chartered Accountants
Firm Reg. No. No.314010E
JAI NARAYAN GUPTA
Dated the 30th Day of May, 2014 Partner
Place: Kolkata Membership No.051428
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Mihika
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and 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 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.
Auditor''s 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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
c) In the case of 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 purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1)of
section 274 of the Companies Act, 1956.
Annexure referred to in Paragraph 1 of our report of even date on the
other legal and regulatory requirements (Re: Mihika Industries Limited)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) All the Fixed Assets have been physically verified by the management
at reasonable intervals in a phased manner which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No serious discrepancies have been noticed on such
verification.
c) According to the information and explanations given to us, a
substantial part of the fixed assets has not been disposed off by the
company during the year.
2. a) As explained to us inventories have been physically verified by
the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of inventory records, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies were noticed on physical
verification of inventory.
3. On the basis of records examined by us and according to the
information & explanations given 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 301 of the
companies Act,1956. Accordingly, the provisions of Clause 4(iii) of the
Order are not applicable
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of Company and the nature of its business
with regard to purchases of inventories and fixed assets and sale of
shares & securities traded by it. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control.
5. a) To the best of our knowledge and beliefs and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered in the register maintained in
pursuance of Section 301 of the Act have been properly entered in the
said register.
b) In our opinion and according to the information and explanations
given to us, there are no transactions exceeding the value of five lakh
rupees in respect of any of the parties mentioned in 5(a) above.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public
during the year.
7. The company has an adequate internal audit system, which in our
opinion, is commensurate with the size and the nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Act.
9. a) According to the information and explanations given to us and
according to books and records produced and examined by us, the company
is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Employees'' State
Insurance, Income-tax, Wealth Tax, Sales Tax,Service Tax, Custom duty ,
Excise duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
Service Tax, Sales Tax, excise duty and cess which are outstanding as
at 31st March,2013 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no statutory dues, not deposited by the company on account of any
dispute.
10. The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial year.
11. On the basis of the records examined by us and the information and
explanations given to us, during the year, the company has not availed
any borrowings from banks or financial institutions.
12. In our opinion and according to the information and explanations
given to us, the company has not granted 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/ nidhi / mutual benefit fund or
society.
14. The Company is not in the business of dealing or trading in
shares. The Company is maintained proper records of transactions and
contracts in respect of Shares, Securities, Debentures and other
Investments and timely entries have been made therein.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not taken any
term loan during the financial year covered by our audit.
17. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, we report that no funds raised on short term
basis have been used for long-term investment.
18. According to the information and explanations given to us, the
company has made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act. In our opinion, the price at which shares have been issued is not
prejudicial to the interest of the company.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issues
during the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For J. GUPTA & CO.
Chartered Accountants
Firm Reg. No. No.
314010E
JAI NARAYAN GUPTA
Dated the 30th Day of May, 2013 Partner
Place: Kolkata Membership No.051428
Mar 31, 2012
We have audited the attached Balance Sheet .of M/S MIHIKA INDUSTRIES
LTD. as at 31st March, 2012, the Statement of Profit & Loss and Cash
Flow Statement for the year ended on that date annexed thereto. 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
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 statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
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 paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
1. 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.
2. In our opinion proper Books of Accounts as required by law have
been kept by the company so far as it appears from our examination of
those books.
3. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts.
4. In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement dealt with by this report are in compliance
with the applicable Accounting Standards referred to in Sub section
(3C) of Section 211 of the Companies Act, 1956.
5. On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as director in terms of Clause (g) of the Sub
section (1) of Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us , the said accounts read together with the
significant accounting policies and notes thereon, give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India:
a. In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012;
b. In so far as it relates to Statement of Profit and Loss, of the
Profit for the year ended on that date.
c. In so far as it relates to Cash Flow Statement, the cash flow of
the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of the Auditors'' Report of even date to the
members of Mihika Industries Ltd of the Financial Statements for the
year ended 31 st March. 2012)
1. The Company did not have any fixed assets at the close of the year
under report. Hence, any observations on fixed assets register and
physical verification of fixed assets are not called for.
2. The company has maintained proper records of inventory. As informed
to us, the management has carried out physical verification of
inventory, wherever applicable, at reasonable intervals and no material
discrepancies were noticed on such physical verification of inventory.
In our opinion the procedures of physical verification of inventory
followed by the management is reasonably adequate in relation to the
size of the company and nature of its business.
3. The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion the company has adequate internal control system
commensurate with the size of the company and 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 we have not observed
any major weaknesses in the internal control systems.
5. According to the information and explanations given to us , we are
of the opinion that the company did not enter into any transactions
during the year under report that needed to be entered into the
register maintained under section 301 of the Companies Act, 1956
6. The company has not accepted any deposits from the public under
Section 58A and/or 58AA.
7. In our opinion the company has an internal audit system commensurate
with the size and the nature of the business.
8. The 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.
9. There are no amounts outstanding and payable in respect of
statutory dues i.e Income Tax. Sales Tax, Weath Tax, Custom Duty
and Excise Duty for a period of more than six months.
10. The company has no accumulated losses at the end of the financial
year. The company has not incurred any cash losses during the financial
year covered by our audit.
11.The company has not obtained any loans from any bank or financial
institutions during the financial year.
12. The company has not granted any loans and advances on the basis of
the security by way of pledge of shares, debentures and other
securities.
13. The provisions of any special statute applicable to Chit fund/
Nidhi/ Mutual Benefit Fund/ Societies are not applicable to the
company.
14. The company has maintained proper records and made timely entries
of the transactions and contracts in respect of shares, securities,
debentures and other investments dealt in by the company. Further the
shares, securities, debentures and other investments are held by the
company in its own name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any term loans during the financial
year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we are of
the opinion that the company has not utilized anyshort term resources
towards repayment of long term borrowings and/or acquisition of fixed
assets.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19. The company has not issued any debentures during the financial
year.
20. The company has not raised money by public issue during the
financial year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the financial year.
For J Gupta & Co.
Chartered Accountants
(J.N .Gupta)
Partner
Membership No. 51428
Firm Registration No. 314010E
PLACE: KOLKATA
DATE : 30th MAY, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Mihika Industries
Limited, as at 31st March,2011 and the Profit & Loss Account of the
Company for the year ended thereon annexed hereto. 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.
We report that:
1. 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.
2. 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 these
books.
3. The Balance Sheet, Profit and Loss Account dealt with by this
report are in agreement with the books of account.
4. In our opinion, the Balance Sheet Profit & Loss Account dealt with
by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
5. On the basis of the written representations received from the
directors as on 31st March,2009, and taken on record by the Board of
Directors, we report that none of the directors are prima facie
disqualified from being appointed as a director in terms of clause (g)
of sub-section(l) of section 274 of the Companies Act, 1956.
6. In our opinion, and to the best of our information and according to
the explanations given to us, the accounts subject to and read together
with notes thereon give the information required by the Companies Act,
1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2011.
b) In the case of Profit & Loss Account, of the Profit for the year
ended on that date.
As required by the Companies (Auditor''s Report) Order, 2003 (as amended
) issued by the Central Government of India in terms of section 227(4A)
of the Companies Act 1956, and on the basis of such checks as were
considered appropriate and as per the information & explanations given
to us, we further comment hereto on the matters specified in paragraphs
4 and 5 of the said order as below:-
1.
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
b) All the Fixed Assets have been physically verified by the management
at reasonable intervals in a phased manner which in our opinion is
reasonable having regard to the size of the Company and the nature of
its assets. No serious discrepancies have been noticed on such
verification.
c) According to the information and explanations given to us, all the
fixed assets of the company have been disposed off by the company
during the year and there is no fixed assets as on 31.03.2011.
2. On the basis of records examined by us and according to the
information & explanations given 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 301 of
the companies Act,1956. Accordingly, the provisions of Clause 4(iii) of
the Order is not applicable.
3. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedure commensurate
with the size of Company and the nature of its business with regard to
purchases of inventories and fixed assets and sale of shares &
securities traded by it .During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
4. a) To the best of our knowledge and beliefs and according to the
information and explanations given to us, we are of the opinion that
the particulars of contracts or arrangements referred to in Section 301
of The Companies Act, 1956 that needs to be entered in the register
maintained under that section have been so entered.
b) In our opinion and according to the information and explanations
given to us, there are no transactions exceeding the value of five lacs
rupees in respect of any of the parties mentioned in 4(a) above.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
during the year.
6. The company has an adequate internal audit system, which in our
opinion is commensurate with the size and the nature of its business.
7. The Central Government has not prescribed the maintenance of cost
records under section 209( l)(d) of the Act.
8. a) According to the information and explanations given to us and
according to books and records produced and examined by us, the company
is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Employees'' State
Insurance, Income-tax, Wealth Tax, Sales Tax, Service Tax, Custom duty,
Excise duty, cess and any other statutory dues applicable to it.
b) According to the information and explanations given to us, there are
no undisputed amounts payable in respect of income tax, wealth tax,
Service Tax, Sales Tax , excise duty and cess which are outstanding as
at 31st March,2011 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, there are
no statutory dues , not deposited by the company on account of any
dispute.
9. The company does not have any accumulated losses at the end of the
financial year. It has not incurred any cash losses during the current
financial year. However, it had incurred cash losses of Rs.0.38 Lacs
during the immediately preceding financial year.
10. On the basis of the records examined by us and the information and
explanations given to us, the company has not defaulted in repayment of
dues to banks or financial institutions.
11. In our opinion and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
12. The company is not a chit fund/ nidhi / mutual benefit fund or
society. Therefore, the provisions of clause 4(xiii) of the Order is
not applicable to the company.
13. The company is not dealing & trading in shares, securities and
other investments and hence clause 4(xiv) of the Order 2003 is not
applicable to the company.
14. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
15. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not obtained
any term loans during the year.
16. On the basis of an overall examination of the balance sheet of the
company, in our opinion and according to the information and
explanations given to us, we report that no funds raised on short term
basis have been used for long-term investment.
17. The company has not made any preferential allotment of shares;
hence clause (xviii) of the order is not applicable.
18. The company has not issued any debentures during the year and
hence Clause 4(xix) of the Order is not applicable to the company.
19. The company has not raised any money by way of public issues
during the year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
21. In view of the nature of company''s business / activities, the
provisions of clause (ii) of the order is not applicable to the
company.
For B. Kabra & Associates
Chartered Accountants
Dated: 2nd day of August,2011
(B.K Kabra)
Proprietor
Membership No. 53174
Firm Regn No. 317071E