Mar 31, 2015
We have audited the accompanying financial statements of V. B.
Industries Limited (the Company) which comprises the balance sheet as
at 31st March 2015, the statements of profit and loss and 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 stated
in Section 134(5) of the Companies Act, 2013 with respect to the
preparation and presentations 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
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements
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 misstatements, whether due to fraud or
error.
Auditor's Responsibility
The company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 with respect to the
preparation and presentations 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
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements
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 misstatements, whether due to fraud or
error.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Basis for Qualified Opinion
a. Inventories include shares of some quoted companies worth Rs.
5924.40 Lacs which are not held in the name of the company. This is in
contravention to section 187 of the Companies Act, 2013.
b. Diminution, if any, in the value of unquoted shares could not be
ascertained due to non-availability of latest financial position of
these companies.
Emphasis of Matter
a. Confirmation of balances of Loans and Advances are not available
for verification.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion proper books of account as required by law have been
kept by the company so far as it appears from our examination of those
books;
(c) The balance sheet, the statement of profit and loss and the cash
flow statements dealt with by this report are in the agreement with the
books of accounts;
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and cash flow statement comply with the Accounting Standards referred
to in section 133 of the Companies Act, 2013 read with rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March 2015 taken on records by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164(2) of the
Companies Act 2013;
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and
according the explanations given to us, none of the clauses are
applicable to the Company.
The Annexure referred to in paragraph 1 of our report of even date to
the members of M/s. V. B. Industries Limited on the accounts of 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) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
b) These fixed assets have been physically verified by the management
at reasonable intervals; no material discrepancies were noticed on such
verification, the same have been properly dealt with in the books of
account;
2) a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3) The Company has not granted any loan to any parties covered in the
register maintained under section 189 of the Companies Act, 2013. Hence
clauses (b) & (c) are not applicable.
4) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to
purchase of fixed assets, and with regard to the sale of goods. During
the course of our audit, no major weakness has been noticed in the
internal controls.
5) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public and
therefore, the provisions of section 73 and 74 of the Companies Act,
2013 and rules there under are not applicable to the company.
6) In the best of our knowledge and explanations, the Central
Government has not prescribed maintenance of cost records under
subsection (1) of section 148 of the Companies Act, 2013 for the
products of the company.
7) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
and protection fund, employees' state insurance, income-tax, sales-tax,
wealth-tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it.
b) According to the information and explanations given to us, no
disputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance, income- tax,
wealth-tax, service tax, customs duty, excise duty cess and other
material statutory dues were outstanding, at the year end, for a period
of more than six months from the date they became payable.
c) The Company is not required to transfer any funds to the Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act.
8) The Company does not have any accumulated losses. The company has
not incurred cash losses in the current and immediately preceding
financial year.
9) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to the financial institutions, banks
and debenture holders.
10) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11) To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any Term Loan.
12) Based on information and explanation furnished by the management,
which have been relied upon by us, there were no frauds on or by the
Company noticed or reported during the year.
None of the other matters are either applicable or call for a statement
for the year under audit.
For N. kanodia & Co.
Chartered Accountants
Firm Registration No. 327668E
Place : Kolkata
Date : May 29, 2015 Nikunj kanodia
Proprietor
Membership No. 069995
Mar 31, 2014
We have audited the accompanying financial statements of M/s. V. B.
INDUSTRIES LTD which comprise the Balance Sheet as at 31st March, 2014
and the Statement of Profit and Loss 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 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India.:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 as
amended, issued by the Central Government of India in terms of
subsection (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that :
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under 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.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure referred to in paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of our report of even dated
i a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have been physically verified by the management
during the year under a regular programme of verification which in our
opinion is reasonable having regard to the size of the company and the
nature of the assets. No material discrepancies were noticed on such
verification.
c) No part of Fixed Assets has been disposed off during the year.
ii a) The inventory of the company consists only of shares/securities
in demat form. As per the information given to us, the demat statement
is verified from time to time by the management and no discrepancy has
been found on such verification.
b) 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) The Company is maintaining proper records of inventory and no
material discrepancies have been noticed on physical verification
iii a) The company has not granted any loan to companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act 1956.
b) The company has during the year not taken any loan secured or
unsecured from any party covered in the register maintained under
section 301 of the Companies Act, 1956. Unsecured Loan taken in earlier
year has been repaid in full.
c) In our opinion, the rate of interest and other terms and conditions
of unsecured loan taken by the company were not prima-facie prejudicial
to the interest of the company.
d) In our opinion, payment of the principal amount and interest were
regular.
iv In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures,
commensurate with the size of the company and the nature of its
business, for the purpose of purchase and sale of shares and sale of
services. There has been no purchase of Fixed Asset during the year.
During the course of our audit, no major weakness has been noticed in
the internal control system.
v a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of contract and arrangements referred to in section 301
of the Act have been entered in the register maintained under that
section, and
b) According to the information and explanations given to us, there is
no transaction made in pursuance of such contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
any party during the financial year.
vi In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public
during the year within the provisions of Sec. 58A & 58AA and any other
relevant provisions of the Companies Act, 1956 and the rules framed
there under.
vii In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii The activity of the Company doesn''t require any cost records to be
maintained.
ix The company is regular in depositing with appropriate authorities
undisputed statutory dues like income tax, and other material statutory
dues applicable to it. As informed to us, provisions of Provident Fund,
Investor Education and protection fund, ESI, Wealth tax, Service Tax,
Custom duty, Excise Duty are not applicable to the company this year.
In our opinion, there are no disputed statutory dues.
x The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash loss during the
financial year covered by our audit but has incurred cash loss in the
immediately preceding financial year.
xi In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institution or bank. The company has not issued any
debentures.
xii According to the information and explanation given to us the
company has not granted loans & advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii The Provisions of any special statute as specified under
paragraph(xiii) of the order are not applicable to the Company.
xiv The Company is dealing in shares and securities, and proper records
have been maintained of the transactions and contracts and timely
entries have been made therein. The shares and securities have been
held by the Company in its own name.
xv According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others, from
banks or financial institutions.
xvi According to information and explanation given to us, the term loan
(Housing loan) not taken by the Company was not applied for the purpose
for which loan was obtained.
xvii According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
xviii According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
xix In our opinion as the company has not issued any debentures, the
provisions of paragraph (xix) are not applicable to the Company.
xx The Company has not raised any money through public issue during the
year.
xxi 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 N. Kanodia & Co.
Chartered Accountants
Firm Registration No. 327668E
Place : Kolkata
Date : May 30, 2014 Nikunj Kanodia
Proprietor
Membership No. 069995
Mar 31, 2013
We have audited the accompanying financial statements of M/s. V. B.
INDUSTRIES LTD which comprise the Balance Sheet as at 31st March, 2013
and the Statement of Profit and Loss 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 flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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. 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.:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013.
ii) In the case of the Statement of Profit and Loss of the Profit /
Loss for the year ended on that date,
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013; and
b. in the case of the Profit and Loss Account, for the Profit 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 as
amended, issued by the Central Government of India in terms of
subsection (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 [and proper returns adequate for the purpose of our audit have
been received from branches not audited by us]
c. The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and the Statement of Profit and
Loss 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 31st March,2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the 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 referred to in paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of our report of even dated
i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
All the assets have been physically verified by the management during
the year under a regular programme of verification which in our opinion
is reasonable having regard to the size of the company and the nature
of the assets. No material discrepancies were noticed on such
verification.
No part of Fixed Assets has been disposed off during the year.
ii) a) The inventory of the company consists only of shares/securities
in demat form. As per the information given to us, the demat statement
is verified from time to time by the management and no discrepancy has
been found on such verification.
b) 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) The Company is maintaining proper records of inventory and no
material discrepancies have been noticed on physical verification
iii) a) The company has not granted any loan to companies, firms or
other parties covered in the register maintained u/s 301 of the
Companies Act 1956.
b) The company has during the year not taken any loan secured or
unsecured from any party covered in the register maintained under
section 301 of the Companies Act, 1956. Unsecured Loan taken in earlier
year has been repaid in full.
c) In our opinion, the rate of interest and other terms and conditions
of unsecured loan taken by the company were not prima-facie prejudicial
to the interest of the company.
In our opinion, payment of the principal amount and interest were
regular.
IV) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures,
commensurate with the size of the company and the nature of its
business, for the purpose of purchase and sale of shares and sale of
services. There has been no purchase of Fixed Asset during the year.
During the course of our audit, no major weakness has been noticed in
the internal control system.
(v) (i) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of contract and arrangements referred to in section 301
of the Act have been entered in the register maintained under that
section, and
(ii) According to the information and explanations given to us, there
is no transaction made in pursuance of such contracts or arrangements
entered in the register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
any party during the financial year.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public
during the year within the provisions of Sec. 58A & 58AA and any other
relevant provisions of the Companies Act, 1956 and the rules framed
there under.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The activities of the Company doesn''t require any cost records
to be maintained.
(ix) The company is regular in depositing with appropriate authorities
undisputed statutory dues like income tax, and other material statutory
dues applicable to it. As informed to us, provisions of Provident Fund,
Investor Education and protection fund, ESI, Wealth tax, Service Tax,
Custom duty, Excise Duty are not applicable to the company this year.
In our opinion, there are no disputed statutory dues.
(x) The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash loss during the
financial year covered by our audit but has incurred cash loss in the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institution or bank. The company has not issued any
debentures.
(xii) According to the information and explanation given to us the
company has not granted loans & advances on the basis of security by
way of pledge of shares, debentures and other securities.
( xiii) The Provisions of any special statute as specified under
paragraph(xiii) of the order are not applicable to the Company.
(xiv) The Company is dealing in shares and securities, and proper
records have been maintained of the transactions and contracts and
timely entries have been made therein. The shares and securities have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others, from
banks or financial institutions.
(xvi) According to information and explanation given to us, the term
loan (Housing loan) not taken by the Company was not applied for the
purpose for which loan was obtained.
(xvii ) According to the information and explanations given to us and
on an overall examination of the balance sheet of the company, we
report that the no funds raised on short-term basis have been used for
long- term investment.
(xviii)According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) In our opinion as the company has not issued any debentures, the
provisions of paragraph (xix) are not applicable to the Company.
(xx) The Company has not raised any money through public issue during
the year.
(xxi) 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 N. Kanodia & Co.,
Chartered Accountants
(Firm Registration No. 327668E)
(Nikunj Kanodia)
Proprietor
(Membership No. 069995)
Date: 30/06/2013
Mar 31, 2012
We have audited the attached Balance Sheet of V. B. INDUSTRIES LIMITED
as at 31st March 2012 and also the Profit & Loss Account for the year
ended on that day 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 have conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 included
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.
a. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Department of Company Affairs in terms of Section 227 (4A) of
the Companies Act 1956, we enclose in the Annexure, a statement on the
matter specified in the said Order to the extent applicable;
b. Further to our comments in the annexure referred to in paragraph 1
above -
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts''
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement together with notes of accounts dealt with by this
report comply 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 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 a 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 information and according to
the explanations given to us, the said accounts, give 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
:-
1. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
2. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
3. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors'' Report
(Referred to in Paragraph 1 of our report of even date)
1. (a) The Company has maintained proper books of records showing full
particulars including quantitative details and situations of fixed
assets.
(b) As per the information and explanations given to us, the Company
has carried out physical verification of fixed assets during the year.
In our opinion, the frequency of such verification is reasonable.
(c) In our opinion and according to the information and explanation
given to us, the Company has not made any substantial disposal during
the year.
(d) The procedure of physical verification of stock & securities
followed by management are reasonable and adequate in relation to the
size of the Company nature of its business.
2. The Company does not have any inventories. Accordingly the Clause
4(ii) of the Companies, (Auditors'' Report) Order 2003 is not
applicable.
3. (a) According to the information and explanation given to us and on
the basis of records furnished before us, 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.
(b) In view of above, Clause 4(iii)(a),(b),(c) and (d) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
(c) According to the information and explanation given to us and on the
basis of records furnished before us for the verification, 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 Act.
(d) In view of above, clause 4(iii)(e), (f) and (g) of Companies
(Auditors'' Report) Order, 2003 are not applicable.
4. In our opinion and according the information & explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of business with regard to purchase
and sales. During the course of our Audit, we have not observed any
continuing failure to correct major weakness of internal audit.
5. (a) In our opinion and according the information & explanations
given to us, the particulars of contract or arrangements that were
required to be entered in the register maintained under Section 301 of
the Companies Act 1956 have been so entered in the said register.
(b) In respect of transactions entered exceeding the value of five lac
in the register maintained in pursuance of Section 301 of the Companies
Act 1956, according to information and explanation given to us, the
transactions made pursuance of such contracts or arrangements have been
made at prices which are prima-facie reasonable having regard to
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public hence
Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not
applicable.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
8. We are informed that the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act 1956 in respect of products dealt with by the Company.
9. (a) In our opinion and according to the information and
explanations given to us, undisputed statutory dues including Provident
Fund, Investors'' Education & Protection Fund, Employees State Insurance
Scheme, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
CESS and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there are no
undisputed statutory dues payable for a period of six months from the
date they became payable as at 31st March 2012.
(b) According to the information and explanation given to us there are
no disputes pending before the authorities in respect of Sales Tax,
Income Tax, Custom Duty and CESS.
10. The Company does not have accumulated losses as at the end of
financial year and has not incurred cash losses in the current
financial year and in the immediate preceding financial year.
11. According to the records made available to us and information and
explanation given to us by the management, the Company has not
defaulted in repayment of any dues to financial institutions or banks.
12. According to the information and explanations given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not chit fund, nidhi, mutual fund
and societies and accordingly clause 4(xiii) of Companies (Auditors''
Report) Order, 2003 is not applicable.
14. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of transactions
and contracts relating to dealing in shares, securities and other
investments during the year and timely entries have been made therein.
Further, such securities have been held by the Company in its own name
or are in the process of transfer in its name, except to the extent of
the exemption granted section 49 of the Act.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Banks & Financial Institutions. Accordingly Clause 4(xv) of
Companies (Auditors'' Report) Order, 2003 is not applicable.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any Term Loan. Accordingly
Clause 4(xvi) of Companies (Auditors'' Report) Order, 2003 is not
applicable.
17. According to the information and explanations given to us and on
the basis of and overall examination of the Balance Sheet of the
Company, no funds raised on short term basis have been utilized for
long term investment and vice versa.
18. The company has not made preferential allotment of shares to
parties and/or to the companies covered in the register maintained
under section 301 of the Companies Act 1956.Therefore, the provisions
of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are
not applicable to the Company.
19. During the period, the Company has not issued unsecured debentures
on private placement basis and therefore, the provisions of clause
4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
20. The Company has not raised any money through public issue during
the year and therefore, the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
21. During the course of examination of the books and records of the
Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the Company noticed or reported during the period nor we have been
informed of such instances by the management.
For Manabendra Bhattacharyya & Co.
Chartered Accountants
Place : Kolkata
Date : June 30, 2012
Amit Bhattacharjee
Proprietor
Membership No. 50714