Mar 31, 2015
We have audited the accompanying financial statements of M/s. CYBELE
INDUSTRIES LTD which comprise the balance sheet as at 31.03.2015, the
statement of profit and loss, and the cash flow statement for the year
then ended and summery of significant accounting policies and other
explanatory information.
Management's Responsibility for the financial statements:
The company's board of directors Is responsible for the matters stated
in section 134(5) of the Companies Act 2013 (the Act) with respect to
the preparation and presentation 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
rules 7 of the companies (Accts) Rules 2014. This responsibilities also
includes maintenance of adequate accounting records in accordance with
the provisions of the act for safeguarding the assets of the company
and for preventing and deducting frauds and other irregularities,
selection and applications of appropriate accounting policies, making
judgments and estimates that are reasonable and prudent, and design,
implementation and maintenance of adequate internal financial controls,
that were operation effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statement that give a true and fair view
and are free from material miss statement, 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 in to account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report and the
provisions of the act and the rules made there under.
We conduct 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 requirement and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material miss statement
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor's judgments, including the assessment of
the risks of materials 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, but not for the purpose expressing an onion on whether
the company has in place an adequate internal financial control system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting polices used and the reasonableness of the accounting
estimates made by the company's directors, as well as evaluating the
overall presentation of the financial statements.
We believe that 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's and according to
the explanations given to us, the aforesaid financial statements, give
the information's required by the act in the manor so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the company as
at 31.03.2015 and its profit and its cash flows for the year ended on
that date.
Report on other legal and regulatory Requirements
1) As required by the companies (Auditors report) orders 2015 (the
order) issued by the central government of India in terms of sub
sec(11) of section 143 of the act, We give in the annexure a statement
on the matters specified in the paragraph 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 short and obtained all the information's and explanations
which to the best of our Knowledge and believes were necessary for the
purposes of our audit
b) In our opinion proper books of accounts as required by law have been
kept by the company so far as its 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 for written representations received from the directors
as on 31.03.2015 taken on record by the Board of Directors, none of the
directors is disqualified as on 31.03.2015 from being
Annexure to the Auditor's Report
The annexure referred to in Para 1 under the heading of "Report on
other Legal and Regulatory Requirements" of our report to the members
of the Company for the year ended 31st March, 2015.
1) a) The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
b) The assets have been physically verified by the management at the
end of financial year, which in ou8r opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2) a) The inventories have been physically
verified during the year by the management. In our opinion, the
frequency of verification is reasonable.
Appointed as a director in terms of section 164 (2) of the act and
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)
rule 2014, in our opinion and to the best of our information's and
according to the explanations given to us:
i) the companies does not have any pending litigations which would
impact its financial position
ii) the company did not have any long term contract including
derivatives contracts for which there were any material foreseeable
losses
iii) No amount is required to be transferred to the investor education
and protection fund by the company
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no materials discrepancies noticed on
physical verification of inventories as compared to the book records.
3) a) During the year, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5) The company has not accepted Deposits form Directors and Inter
Corporate. In our opinion and according to information and explanations
given to us, all the directives issued by the Reserve Bank of India and
provisions of Section 73 to 76 or any other relevant provisions of the
Companies Act 2013, and the rules framed there under where applicable
were complied with. Further, we are informed y the management that no
order has been passed by the Companies Law Board or National Company
Law Tribunal or RBI or any court or any Other Tribunal on the Company.
6) We have broadly reviewed the cost records maintained by the Company specified by the Central Government under sub Section (1) of section 148
of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7) a) According to the information and explanation given to us and on the
basis of our examination of the records of the company, amount deducted/
accrued in the books of accounts in respect of undisputed Statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Value Added Tax, Excise Duty,
Cess and other material Statutory dues applicable have been regularly
deposited with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income Tax, Wealth Tax, Service
Tax, Sales Tax, Customs Duty and Excise Duty, Value Added Tax, Cess and
other material statutory dues were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.
c) According to the information and explanation given to us no amount
is required to be transferred to the investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made there under.
8) The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the 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 financial institutions and banks.
The Company does not have any borrowings by way of debentures.
10) According to the information & explanation given to us, the Company
has not given any guarantee for loans taken by others from banks and
financial institutions.
11) The loans outstanding at the beginning of the year and those raised
during the year have been applied for the purpose for which they were
raised.
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 year.
For M/s Karpagam & Co
Chartered Accountants
S.SRIKANTH
Date: 30.05.2015 Partner
Place: Chennai Membership No; 26588
Mar 31, 2014
We have audited the accompanying financial statements of Cybele
Industries Limited 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 the 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 and financial performance 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.
Auditors'' 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
Report on Other Legal and Regulatory Requirementss
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 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 and 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 Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Act.
(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 TO THE REPORT OF THE AUDITORS TO THE MEMBERS OF M/s. Cybele
Industries Limited
1 (a) The company is maintaining proper records showing full particul
-ars including quantitative details and situation of fixed assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; No material discrepancies were noticed on such
verification.
(c) A substantial part of the fixed assets have not been disposed of
during the year.
2 a) Physical verification of inventory has been conducted at reason
-able intervals by the management.
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 neither granted nor taken loans, secured or unsecured
to or from companies, firms or other parties covered in the register to
be maintained under s.301 of the Companies Act, 1956.
4 Ihere is an adequate internal control procedure commensurate with the
size of the company and the nature of its business, for the purchase of
fixed assets.
5 This item does not arise as there are no transactions exceeding the
value of five lakh rupees in respect of any party covered in the
register to be maintained under s. 301 of the Companies Act, 1956
during the financial year under consideration.
6 The company has not accepted deposits from the public.
7 The company has an internal audit system commensurate with the nature
and size and nature of its business.
8 Maintenance of cost records has been prescribed in respect of the
company.
9 The company is regular in depositing undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income-tax,
Service tax, and tax deducted at source as applicable with the
appropriate authorities and there are no arrears of outstanding
statutory dues as at the last day of the financial year concerned for a
period of more than six months from the date they became payable.
10 The company has not incurred cash losses in the immediately
preceding financial year.
11 The company has not defaulted in repayment of dues to any financial
institutions or banks or debentures holders.
12 The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 As the company is not a chit fund this item is not applicable.
14 The company is dealing or trading in shares, securities, debentures
and other Investments and proper records have been maintained of the
transactions and Contracts and timely entries have been made therein;
the shares, securities, debentures and other investments have been held
by the company in its own name except to the extent of the exemption,
if any, granted under s. 49 of the Act..
15 The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16 Term loans were applied for the purpose for which the loans were
obtained.
17 An examination of the books, records and vouchers produced before us
reveals that the funds raised on short term basis have not been used
for long term investment and vice versa.
18 The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under S.301.
19 As the company has not issued any debentures this item is not
applicable.
20 As the company has not made any public issue of shares this item is
not applicable.
21 No fraud on or by the company has been noticed or reported during
the year.
For M/s. Karpagam & Co.,
Chartered Accountants
Place : Chennai S. SRIKANTH
Date : 30.05.2014 Partner
Membership No.: 26588
Mar 31, 2012
1. We have audited the attached Balance Sheet of Cybele Industries
Limited as at 31s: March 2012 and the Profit and Loss Account and also
the cash flow statement for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standard
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 amount 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.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to on Paragraph 3
above, we report 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; so far as appears from examination of those books;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company,
(iii) The Balance Sheet and Profit and Loss Account and Cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash flow statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956:
(v) On the basis of the 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 subsection (1) of section 274 of the Companies Act, 1956:
(vi) In our opinion and to the best of our information and according to
ihe explanations given to us, the said accounts give the information
required by the Companies Act, 1956; in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March.2012;
(b) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
(c) in the case flow statement, of the cash flows for the year ended on
that date.
1. In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
management in accordance with a programmed of verification which in our
opinion, provides for physical verification of all the fixed Ãassets
at reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(c) The Company has not sold/disposed off any significant portion of
fixed assets during the year.
2. In respect of its inventories:
(a) As explained to us, inventories were physically verified by the
management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us. the company has maintained proper records of its
inventories. The discrepancies noticed on physical verification between
physical stock and book records were not material.
3. During the year under consideration, the Company has not granted or
taken by the Company any loan secured or unsecured to or from
Companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956;
4. In our opinion and according to the information and explanations
given to us, there are 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. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956;
(a) According to the information and explanations given to us, the
transactions that needed to be entered into the register have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 lakhs
in respect of any party during the year, the transactions have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the Public during
the year.
7. In our opinion, the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. Statutory and other dues:
(a) According to the information and explanations given to us, the
company has been regular in depositing undisputed statutory dues
including Provident Fund. Employee's State Insurance, Income Tax, Sales
Tax, Customs Duty, Excise Duty, Cess and any other statutory dues
applicable to it with the appropriate authorities during the year.
(b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty wealth tax excise duty
and cess which have not been deposited on account of any dispute.
9. In our opinion, the net worth of the company has become positive
during the year..
10. According to the information and explanations given to us by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to bank.
11. Based on our examination of documents and records, we are of the
opinion that no loans or advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order 2003 are not applicable to the
company.
13. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
14. In our opinion an according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
other from Banks and Financial Institutions during the year.
15. The Company has not availed any term loans during the year.
16. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment by the company. No long term funds have been used to finance
short term assets except permanent working capital.
17. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
18. The company has not issued any debentures during the year.
19. The company has not raised any money by public issues during the
year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For M/s. Karpagam & Co.,
Chartered Accountants
Place : Chennai S. SRIKANTH
Date : 26.05.2012 Partner
Mar 31, 2011
1. We have audited the attached Balance Sheet of Cybele Industries
Limited as at 31St March 2011 and the Profit and Loss Account and also
the cash flow statement for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standard
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 amount 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.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to on Paragraph 3
above, we report 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; so far as appears from examination of those books;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company,
(iii) The Balance Sheet and Profit and Loss Account and Cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash flow statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of the written representations received from the
Directors, as on 31st March 2011, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2011 from being appointed as a Director in terms of clause
(g) of subsection (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; in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2011;
(b) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date; and
(c) in the case flow statement, of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
management in accordance with a programme of verification which in our
opinion, provides for physical verification of all the fixed Ãassets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(c) The Company has not sold/disposed off any significant portion of
fixed assets during the year.
2. In respect of its inventories:
(a) As explained to us, inventories were physically verified by the
management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of its
inventories. The discrepancies noticed on physical verification between
physical stock and book records were not material.
3. During the year under consideration, the Company has not granted or
taken by the Company any loan secured or unsecured to or from
Companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956;
4. In our opinion and according to the information and explanations
given to us, there are 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.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956;
(a) According to the information and explanations given to us, the
transactions that needed to be entered into the register have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 lakhs
in respect of any party during the year, the transactions have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the Public during
the year.
7. In our opinion, the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. Statutory and other dues:
(a) According to the information and explanations given to us, the
company has been regular in depositing undisputed statutory dues
including Provident Fund. Employee's State Insurance, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and any other statutory dues
applicable to it with the appropriate authorities during the year.
(b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty wealth tax excise duty
and cess which have not been deposited on account of any dispute.
9. In our opinion, the net worth of the company has become positive
during the year..
10. According to the information and explanations given to us by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to bank.
11. Based on our examination of documents and records, we are of the
opinion that no loans or advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order 2003 are not applicable to the
company.
13. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
14. In our opinion an according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
other from Banks and Financial Institutions during the year
15. The Company has not availed any term loans during the year.
16. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment by the company. No long term funds have been used to finance
short term assets except permanent working capital.
17. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
18. The company has not issued any debentures during the year.
19. The company has not raised any money by public issues during the
year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For M/s. Karpagam & Co.,
Chartered Accountants
S. SRIKANTH
Partner
Place : Chennai
Date : 30.07.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Cybele Industries
Limited as at 31st March 2010 and the Profit and Loss Account and also
the cash flow statement for the year ended on that date, annexed
thereto. 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.
2. We conducted our audit in accordance with auditing standard
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 amount 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to on Paragraph 3
above, we report 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; so far as appears from examination of those books;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company,
(iii) The Balance Sheet and Profit and Loss Account and Cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash flow statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956;
(v) On the basis of the written representations received from the
Directors, as on 31st March 2010, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2010 from being appointed as a Director in terms of clause
(g) of subsection (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; 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, 2010;
(b) in the case of the Profit and Loss Account, the profit of the
Company for the year ended on that date; and
(c) in the case flow statement, of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
1. In respect of fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the
management in accordance with a programme of verification which in our
opinion, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us, no material discrepancies were noticed on such
verification.
(c) The Company has not sold/disposed off any significant portion of
fixed assets during the year.
2. In respect of its inventories:
(a) As explained to us, inventories were physically verified by the
management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of its
inventories. The discrepancies noticed on physical verification between
physical stock and book records were not material.
3. During the year under consideration, the Company has not granted or
taken by the Company any loan secured or unsecured to or from
Companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956;
4. In our opinion and according to the information and explanations
given to us, there are 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.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956;
(a) According to the information and explanations given to us, the
transactions that needed to be entered into the register have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, where each of such transactions is in excess of Rs.5 lakhs
in respect of any party during the year, the transactions have been
made at prices which are prima facie reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the Public during
the year.
7. In our opinion, the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. Statutory and other dues:
(a) According to the information and explanations given to us, the
company has been regular in depositing undisputed statutory dues
including Provident Fund. Employees State Insurance, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and any other statutory dues
applicable to it with the appropriate authorities during the year.
(b) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty wealth tax excise duty
and cess which have not been deposited on account of any dispute.
9. In our opinion, the Company has incurred cash losses during the
current and the immediately preceding financial year.
10. According to the information and explanations given to us by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to bank.
11. Based on our examination of documents and records, we are of the
opinion that no loans or advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
12. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order 2003 are not applicable to the
company.
13. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
14. In our opinion an according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
other from Banks and Financial Institutions during the year.
15. The Company has not availed any term loans during the year.
16. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment by the company. No long term funds have been used to finance
short term assets except permanent working capital.
17. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
18. The company has not issued any debentures during the year.
19. The company has not raised any money by public issues during the
year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For M/s. Karpagam & Co.,
Chartered Accountants
Place : Chennai S.SRIKANTH
Date : 31.07.2010 Partner