Mar 31, 2015
We have audited the accompanying financial statements of SPINE TRADERS
LIMITED, which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the 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 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
AUDITOR'S 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 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 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 true and fair view 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 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;
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 loss 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 term of sub-section (11) of
section 143 of the Companies Act, 2013, we give in the Annexure a
statement on the matters specified in the paragraphs 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our 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 required to be transferred to the
Investor Education and Protection Fund by the company.
Annexure to Auditors' Report
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s SPINE TRADERS 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 to show full particulars
including quantitative details and situation of fixed assets.
b) All tangible fixed assets of the company have been physically
verified by the Management at reasonable intervals and no material
discrepancies were noticed on such physical verification.
2. In respect of its inventories:
The company does not have any inventory. Hence, clause (ii) (a), (b) &
(c) are not applicable to the company.
3. In respect of the loans, secured or unsecured, granted by the
Company to companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act, 2013:
As per information and explanation given to us, the company has not
granted loans to parties covered in the register maintained under
section 189 of the Companies Act hence clause (iii) (a) & (b) are not
applicable to the company
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 the company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weakness in internal controls.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
directives issued by the 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 are not applicable to the
Company.
6. As informed to us, Central government has not prescribed
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, in respect of products of the company.
7. In respect of Statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
c) There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
8. The company has accumulated losses of Rs. 66,66,487/- at the end of
the financial year. The company has not incurred any cash loss during
the financial year covered by the audit and however company has
incurred cash losses of Rs. 2,08,804/- in the immediately preceding
financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, banks or debenture-holders therefore the question of
payments does not arise.
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.
11. The company has not raised any term loans during the year.
12. In our opinion and according to the information and explanations
given to us, no material fraud on or by the company, has been noticed
or reported, during the course of our audit.
For, Y. D. & Co.
Chartered Accountants
Firm Reg. No. 018846 N
CA Rakesh Puri
Partner
M. No.092728
Date: 30th May, 2015
Place: Ludhiana
Mar 31, 2013
We have audited the accompanying financial statements of M/s SPINE
TRADERS LIMITED (Formally Known as Chandrika Traders Limited) 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 the Profit and Loss Account, of the profit/ loss for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditors'' Report_
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. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. Company does not have inventories during the year hence other sub
clause not applicable.
3. The company has not granted or taken loans, secured or unsecured
to/ from the companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into register in pursuance
of Section 301 of the Act have been so entered in the register. Each of
these transactions has been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
and accordingly, the provisions of Sections 58 and 58 A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause 4 (viii) of
paragraph 4 of the Order are not applicable.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income tax, Sales- tax, Wealth tax, Custom
Duty, Excise duty, cess and any other statutory dues have generally
been deposited regularly during the year with the appropriate
authorities.
(b) Further, there are no dues of income tax, wealth tax, custom duty
and cess which have been deposited on account of any dispute.
10. The Company has accumulated losses of Rs.4210412/- as at year end.
The company has incurred cash loss of Rs. 305685/- during the current
financial year under audit and during the preceding financial year.
11. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund
/society. Therefore provisions of clause 4 (xiii) of paragraph 4 of the
Order are not applicable.
14. The company has kept adequate records of its transactions and
contract in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments are held in the name of company or are
in process of being transferred in the company''s name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. We have been informed that no term loans obtained during the year
by the Company.
17. According to the records examined by us and the information and
explanation given to us, on an overall basis, funds raised on short
term basis have not, prima facie, been used during the year for long
term investments and vice versa.
18. According to the information and explanation given to us, the
company has made preferential allotment of shares to persons other than
Promoters and Promoter Group on cash basis.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For, Y. D. & CO
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 30.08.2013
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
We have audited the attached Balance Sheet of CHANDRIKA TRADERS LIMITED
as at 31st March, 2012, the Profit & Loss Account and the Cash Flow
Statement of the Company for the period ended on that date annexed
thereto, which we have signed under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have 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 misstatements. 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.
As required by the Companies (Auditors' Report) Order,2003 issued by
the Central Government in terms of Section 227(4A) of the Companies
Act,1956 (The Act) and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us ,in terms of the matters specified in paragraph 4 and 5 of the said
Order, we state that
1 (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) All tangible fixed assets of the company have been physically
verified by the Management at reasonable intervals and no materi al d
iscrepanc ies were not iced on such phys ical veri ficat ion.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
2. The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable and
i) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
ii) The company has maintained proper records of inventories. No
discrepancy has been noticed on physical verification of stock as
compared to books records.
3. The company has not granted or taken loans, secured or unsecured
to/ from the companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act,1956
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into register in pursuance
of Section 301 of the Act have been so entered in the register. Each of
these transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
and accordingly, the provisions of Sections 58 and 58 A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause 4 (viii) of
paragraph 4 of the Order are not applicable.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income tax, Sales- tax, Wealth tax, Custom
Duty, Excise duty, cess and any other statutory dues have generally
been deposited regularly during the year with the appropriate
authorities.
(b) Further, there are no dues of income tax, wealth tax, custom duty
and cess which have been deposited on account of any dispute.
10. The Company has accumulated losses of Rs.2331944/- as at year end.
The company has not incurred cash loss during the current financial
year under audit and during the preceding financial year.
11. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund
/society. Therefore provisions of clause 4 (xiii) of paragraph 4 of the
Order are not applicable.
14. The company has kept adequate records of its transactions and
contract in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments are held in the name of company or are
in process of being transferred in the company's name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. We have been informed that no term loans obtained during the year
by the Company.
17. According to the records examined by us and the information and
explanation given to us, on an overall basis, funds raised on short
term basis have not, prima facie, been used during the year for long
term investments and vice versa.
18. According to the information and explanation given to us, the
company has made preferential allotment of shares to persons other than
Promoters and Promoter Group on cash basis.
19. The company has no Secured Debentures during the year.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Further to our comments referred to in paragraph above, we report that:
i) We have obtained all the information and explanation which to the
best of our knowledge and belief are 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 such
books.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion , the Balance Sheet and Profit & Loss Account dealt
with by this report have been prepared in compliance with the
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act,1956.
v) On the basis of written representations received from the Directors,
as on March 31, 2012 and taken on record by the Board of Directors of
the Company, none of the directors is disqualified as on March 31, 2012
from being appointed as director in terms of clause (g) of sub section
(1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our knowledge and according to
the explanation given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act,1956 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 31stMarch,2012
b) in the case of the Profit & Loss Account, of the loss for the year
ended on that date.
c) In the case of cash flow statement, of the cash flow for the year
ended on that date.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
Firm Reg. No. 018846 N
PLACE: LUDHIANA
DATE: 14.08.2012 CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2011
We have audited the attached Balance Sheet of CHANDRIKA TRADERS LIMITED
as at 31st March, 2011, the Profit & Loss Account and the Cash Flow
Statement of the Company for the period ended on that date annexed
thereto, which we have signed under reference to this report. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have 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 misstatements. 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.
As required by the Companies (Auditors' Report) Order,2003 issued by
the Central Government in terms of Section 227(4A) of the Companies
Act,1956 (The Act) and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us ,in terms of the matters specified in paragraph 4 and 5 of the said
Order, we state that
1 (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) All tangible fixed assets of the company have been physically
verified by the Management at reasonable intervals and no material
discrepancies were noticed on such physical verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
2. The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable and
i) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
ii) The company has maintained proper records of inventories. No
discrepancy has been noticed on physical verification of stock as
compared to books records.
3. The company has not granted or taken loans, secured or unsecured
to/ from the companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act,1956
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into register in pursuance
of Section 301 of the Act have been so entered in the register. Each of
these transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
and accordingly, the provisions of Sections 58 and 58 A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause 4 (viii) of
paragraph 4 of the Order are not applicable.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income tax, Sales- tax, Wealth tax, Custom
Duty, Excise duty, cess and any other statutory dues have generally
been deposited regularly during the year with the appropriate
authorities. (b) Further, there are no dues of income tax, wealth tax,
custom duty and cess which have been deposited on account of any
dispute.
10. The Company has accumulated losses of Rs.14, 62,876/- as at year
end. The company has not incurred cash loss during the current
financial year under audit, however incurred cash loss of Rs. 13,
13,047/- during the preceding financial year.
11. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund
/society. Therefore provisions of clause 4 (xiii) of paragraph 4 of the
Order are not applicable.
14. The company has kept adequate records of its transactions and
contract in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments are held in the name of company or are
in process of being transferred in the company's name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. We have been informed that no term loans obtained during the year
by the Company.
17. According to the records examined by us and the information and
explanation given to us, on an overall basis, funds raised on short
term basis have not, prima facie, been used during the year for long
term investments and vice versa.
18. According to the information and explanation given to us, the
company has made preferential allotment of shares to persons other than
Promoters and Promoter Group on cash basis.
19. The company has no Secured Debentures during the year.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Further to our comments referred to in paragraph above, we report that:
i) We have obtained all the information and explanation which to the
best of our knowledge and belief are 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 such books. iii) The Balance Sheet and
Profit & Loss Account dealt with by this report are in agreement with
the books of account.
iv) In our opinion , the Balance Sheet and Profit & Loss Account dealt
with by this report have been prepared in compliance with the
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act,1956. v) On the basis of written representations
received from the Directors, as on March 31, 2011 and taken on record
by the Board of Directors of the Company, none of the directors is
disqualified as on March 31, 2011 from being appointed as director in
terms of clause (g) of sub section (1) of Section 274 of the Companies
Act, 1956. vi) In our opinion and to the best of our knowledge and
according to the explanation given to us, the said accounts together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act,1956 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 31stMarch,2011
b) in the case of the Profit & Loss Account, of the loss for the year
ended on that date.
c) In the case of cash flow statement, of the cash flow for the year
ended on that date.
For Mehra & Co.
Chartered Accountants
Sd/-
Place : New Delhi (CHANDER MEHRA)
Date : 27.08.2011 Membership No. - 014242
Mar 31, 2010
We have audited the attached Balance Sheet of CHANDRIKA TRADERS
LIMITED, as at 31st March, 2010, the Profit & Loss Account and the Cash
Flow Statement of the company for the period ended on that date annexed
thereto, which we have signed under reference to this report. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have 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 misstatements. 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.
As required by the Companies (Auditors Report) Order,2003 issued by
the Central Government in terms of section 227(4A) of the Companies
Act, 1956 (The Act) and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us ,in terms of the matters specified in paragraph 4 and 5 of the said
order, we state that
1 (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) All tangible fixed assets of the company have been physically
verified by the Management at reasonable intervals and no material
discrepancies were noticed on such physical verification.
(c) In Our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
2. The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
i) In our opinion, the procedures of physical verification of
inventories followed by the management are
reasonable and adequate in relation to the size of the company and
nature of its business.
ii) The company has maintained proper records of inventories. No
discrepancy has been noticed on physical verification of stock as
compared to book records.
3. The company has not granted or taken loans, secured or unsecured
to/ from the companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into register in pursuance
of section 301 of the Act have been so entered in the register. Each of
these transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
and accordingly, the provisions of Sections 58 and 58 A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause 4 (viii) of
paragraph 4 of the order are not applicable.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income tax, Sales- tax, Wealth tax, Custom
Duty, Excise duty, cess and any other statutory dues have generally
been deposited regularly during the year with the appropriate authorities.
(b) Further, there are no dues of income tax,wealth tax, custom duty
and cess which have been deposited on account of any dispute.
10. The Company has accumulated losses of Rs.1, 46,750/- as at year
end. The company has incurred cash losses of Rs. 13,13,047/- during
the financial year covered by our audit; there was loss in the
preceding financial year of Rs.46,60,223/-
11. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund
/society. Therefore provisions of clause 4 (xiii) of paragraph 4 of the
order are not applicable.
14. The company has kept adequate records of its transactions and
contract in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments are held in the name of company or are
in process of being transferred in the companys name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. In our opinion, the term loans obtained during the year have been
applied for the purpose for which they were taken.
17. According to the records examined by us and the information and
explanation given to us, on an overall basis, funds raised on short
term basis have not, prima facie, been used during the year for long
term investments and vice versa.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has no Secured Debentures during the year.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Further to our comments referred to in paragraph above, we report that:
i) We have obtained all the information and explanation which to the
best of our knowledge and belief are 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 such books.
iii) The Balance Sheet and Profit & Loss Account dealt with by this report
are in agreement with the books of account.
iv) In our opinion , the Balance Sheet and Profit & Loss Account dealt
with by this report have been prepared in compliance with the accounting
standards referred to in sub section (3C) of Section 211 of the Companies
Act, 1956.
v) On the basis of written representations received from the Directors, as
on March 31, 2010 and taken on record by the Board of Directors of the
Company, none of the directors is disqualified as on March 31, 2010 from being
appointed as director in terms of clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our knowledge and according to the
explanation given to us, the said accounts together with the notes thereon
and attached thereto give in the prescribed manner the information required
by the Companies Act, 1956 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 31s,March,2010
b) in the case of the Profit & Loss Account, of the loss for the year
ended on that date.
c) In the case of cash flow statement, of the cash flow for the year
ended on that date.
for Mehra & Co.
Chartered Accountants
s/d
Place : New Delhi (CHANDER MEHRA)
Date : 16.06.2010 Membership No. - 014242
Mar 31, 2009
We have audited the attached Balance Sheet of CHANDRIKA TRADERS
LIMITED, as at 31st March, 2009, the Profit & Loss Account and the Cash
Flow Statement of the company for the period ended on that date annexed
thereto, which we have signed under reference to this report. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have 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 misstatements. 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.
As required by the Companies (Auditors Report) Order,2003 issued by
the Central Government in terms of section 227(4A) of the Companies Ad,
1956 (The Act) and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us ,in terms of the matters specified in paragraph 4 and 5 of the said
order, we state that;
1 (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of
fixed assets.
(b) All tangible fixed assets of the company have been physically
verified by the Management at reasonable intervals and no material
discrepancies were noticed on such physical verification.
(c} In Our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
2. The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
i) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
ii) The company has maintained proper records of inventories. No
discrepancy has been noticed on physical verification of stock as
compared to book records.
3. The company has not granted or taken loans, secured or unsecured to
from the companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into register in pursuance
of section 301 of the Act have been so entered in the register. Each of
these transactions have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
and accordingly, the provisions of Sections 58 and 58 A of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The company is not engaged in production, processing, manufacturing
or mining activities. Therefore, the provisions of clause 4 (viii) of
paragraph 4 of the order are not applicable,
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income tax, Sales- tax, Wealth tax, Custom
Duty, Excise duty, cess and any other statutory dues have generally
been deposited regularly during the year with the appropriate
authorities. (b) Further, there are no dues of income tax, wealth tax,
custom duty and cess which have been deposited on account of any
dispute.
10. The Company has accumulated losses of Rs.735067/- as at year end.
The company has incurred cash losses of Rs. 46,60,223 during the
financial year covered by our audit; there was no loss in the preceding
financial year.
11. According to the information and explanations given to us, the
company has not defaulted in the repayment of dues to the financial
institutions or banks. Further, there are no debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund
/society. Therefore provisions of clause 4 (xiii) of paragraph 4 of the
order are not applicable.
14. The company has kept adequate records of its transactions and
contract In shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments are held in the name of company or are
in process of being transferred in the companys name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. In our opinion, the term loans obtained during the year have been
applied for the purpose for which they were taken.
17. According to the records examined by us and the information and
explanation given to us, on an overall basis, funds raised on short
term basis have not, prima facie, been used during the year for long
term investments and vice versa.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has no Secured Debentures during the year.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Further to our comments referred to in paragraph above, we report that:
i) We have obtained all the information and explanation which to the
best of our knowledge and belief are 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 such
books.
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion , the Balance Sheet and Profit & Loss Account dealt
with by this report have been prepared in compliance with the
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act,1956.
v) On the basis of written representations received from the Directors,
as on March 31, 2009 and taken on record by the Board of Directors of
the Company, none of the directors is disqualified as on March 31, 2009
from being appointed as director in terms of clause (g) of sub section
(1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our knowledge and according to
the explanation given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 31stMarch,2009
b) in the case of the Profit & Loss Account, of the loss for the year
ended on that date.
for R T P S & Co.
Chartered Accountants
Place: New Delhi (R. A. TIWARI)
Date : 03.09.2009 Partner
Mar 31, 2002
We have audited the attached Balance Sheet of Chandrika Traders Ltd.
New Mumbai, as at 31.03.2002 and also the Profit & Loss Account for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Companys management. Our responsibi1ity 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the manufactucturing and other Companies(Auditors
Report) order,1988 issued by the Company Law Board in terms of Section
227 (4A) 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.
2. Further to our comments in the annexure referred to in paragraph 1
of above we state that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) 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
such books.
iii ) The Balance Sheet and Profit & Loss Account, dealt with by this
report are in agreement with the books; of account,,
iv) Based on the representaions made by the directors and taken on
records by the board, we report that none of the directors is
disqualified as on 31.03.2002 from being appointed as director under
clause (q) of subÃsection (1) of section 274 of the Companies Act,1956.
v) In our opinion the Balance Sheet and Profit and Loss account comply
with accounting standard reffered to in sub- section (3C) of section
211 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said Statement of Accounts, subject
to the notes thereon, give the information required by the Companies
Act, 1956 in the manner so required and give a true and fair view :Ã
1. In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31.03.02; and
2. In the case of Profit and Loss Account of the Profit for the year
ended on that date,
Annexure to the Auditors Report
Report (Referred to in paragraph 1 of our report of even date.)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The
Management has informed that physical verification of all the major
items of fixed assets has been carried out during the year and no
material discrepancies were noticed on such verification.
2. None of the fixed assets have been revalued during the year.
3. As explained to us, stocks in trade has been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonab1e.
4. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stocks followed
by the management were found reasonable and adequate in relation to the
size of the Company and the nature of its business.
5. As explained to us, no discrepancy have been noticed on physical
verification of stocks as compared to the book records.
6. On the basis of our examination of stocks, we are of the opinion
that the valuation of stocks is fair and proper and in accordance with
the normally accepted accounting principles and is on the same basis as
in previous year.
7. The Company has not taken any loans from companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
8. The company has not granted any loans, secured or unsecured to
Companies firms or other parties, listed in the register maintained
under section 301 of the Companies Act, 1956.
9. In respect of loans and advances in the nature of loans given by the
Company to parties they are genereally repaying principal amount as
stipu1ated and are a1so reguIar in payment of interest, wherever
applicab1e.
10.In our opinion and according to the information and exp1anations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to the purchase of shares/debentures.
11. The company has not entered into transactions for sale and purchase
of shares/debenbtures/securities etc with firms/Companies listed in the
register maintained u/s 301 of the Companies Act, 1956 as aggregating
during the year Rs. 50,000/- or more in respect of each party.
12. The directives issued by the Reserve Bank of India and the
provisions of Section 53 (A ) of the Companies Act, 1956 and the rules
framed thereunder are not applicable as the Company has not accepted
any deposits.
13. In our opinion, the company has an internal audit system
commensurate with the size of the company and the nature of its
business.
14. According to the information and explanation given by the
management, provisions of Provident Fund Act and Employees State
Insurance Act, are not applicable to the Company,,
15. According to the information and explanation given to us no
undisputed amount payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding as at 31.3.01 for a
period of more than 6 months from the date they became payab1e.
16. According to the information and explanation given to us, no
Persona1 expenses of emp1oyees or directors have been charged to the
Revenue Account other than those payable under contractual obligations
or in accordance with the generally accepted business practices,
17. As per information & explanations given to us and records produced
before uss the company has not granted loans and advances; on the basis
of security by way of pledge of shares,, debentures; and other
securities.
18. Being a finance company, the provisions of Section 3(1)(O)of the
Sick Industrial Companies (Special Provisions)Act,1985 are not
applicable to the company.
19. Provisions of any special statute applicable to Chit Fund, Nidhi or
Mutual Benefit Society are not applicable to the Company.
20. The Company has maintained proper record of transactions and
contracts in respect of trading/investment in shares/debentures; and
other securities and timely entries have been made therein. All the
shares/debentures have been held by the company in its own name except
shares/debentures either sent for transfer to the companies or held
with the valid transfer deeds;,
21. In our opinion & according to the information & explaanation given
to us; the other provisions of the aforesaid order are not applicable
to the company.
For Jatinder Singh & Associates
Chartered Accountants
Sd/-
(Jatinder Singh)
Partner.
Place : Ludhiana
Dated : 03.09.02