Mar 31, 2014
We have audited the accompanying financial statements of KANAK KRISHI
IMPLEMENTS LIMITED ("the Company). Which comprise the balance sheet as
at 31st March 2014, the statement 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
Management is responsible for the preparation of these financial
statements that give true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
accounting standard referred to in sub section(3G) of section 211 of
companies Act 1956 ("the Act"). This responsibility includes the
design, implementation and maintenances of internal control relevant to
the preparation and presentation of 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
accountant 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 statement 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 statement 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
explanation 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 balance sheet , the state of affairs of the company
as at March 31, 2014,
(b) the case of statement of profit and loss of the profit for the year
ended on that date, and
(c) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the companies (auditor''s report) order, 2003 ("the
Order") issued by the Central government of India in terms of
sub-section (4a) of section227 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 the 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 the
audit.
(b) 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.
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the
books of account.
(d) In our opinion, the balance sheet, statement of profit and loss,
and the cash flow statement comply with the accounting standards
referred to in sub-section (3C)of section 211 of companies act 1956.
(e) On the basis of written representation received from the directors
as on 31st march 2014, and 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 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.
For Ravi Bhushan & Co. Chartered Accountants Sd/- CA. Ravi Bhushan
Prasad Partner M.NO: 505754 FRN: 020618N Place: Vaishali Date:
29.05.2014
Annexure referred to 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.
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. (a) As per expiated to us the company does not have not any
inventory. So clause (b), and (c) are not applicable.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, 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. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act for the company.
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, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have accumulated losses and has not incurred
any cash losses during the current year and immediately preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has made any preferential allotment of shares during the year which is
not prejudicial to the company.
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. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Ravii Bhushan & Co.
Chartered Accountants
Sd/-
CA. Ravii Bhushan Prasad
Partner
M.NO: 505754
FRN: 020618N
Place: Vaishali
Date: 29.05.2014
Mar 31, 2013
We have audited the accompanying financial statements of KANAK KRISHI
IMPLEMENTS PRIVATE LIMITED ("the Company). Which comprise the balance
sheet as at 31st March 2013, the statement 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 FINANCIAI STATFMFNTS Management is
responsible for the preparation of these financial statements that give
true and fair view of the financial position, financial performance and
cash flows of the company in accordance with accounting standard
referred to in sub section(3G) of section 211 of companies Act 1956
("the Act"). This responsibility includes the design, implementation
and maintenances of internal control relevant to the preparation and
presentation of 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
accountant 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 statement 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 statement 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
explanation 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 balance sheet, the state of affairs of the company
as at March 31, 2013,
(b) the case of statement of profit and loss of the profit for the year
ended on that date, and
(c) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the companies (auditor''s report) order, 2003 ("the
Order") issued by the Central government of India in terms of
sub-section (4a) of section227 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 the 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 the
audit.
(b) 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.
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the
books of account
(d) In our opinion , the balance sheet, statement of profit and loss,
and the cash flow statement comply with the accounting standards
referred to in sub-section (3C)of section 211 of companies act 1956.
(e) On the basis of written representation 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 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)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) According to the information and expiations given to us, the
company has formulated a regular program me of verification by which
all the assets of company shall be verified in a phased manner, which
in my opinion, is reasonable having regard to the size of the company
and nature of its assets. To the best of my knowledge, no material
misstatement is noticed on verification conducted during the year as
compared with the book records.
(c) There was no disposal during the year of fixed assets.
2. (a) The company does not have any Inventories during the year,
therefore clauses (b) and (c) are not applicable.
3. The company has not taken/granted any loans secured or unsecured
from companies, firms or other parties listed in the register
maintained u/s 301 of the companies act 1956 in terms of subsection (6)
of the section 370 of the companies act, 1956 the provisions of the
section are not applicable to a company on or after the commencement of
the companies (amendment) act, 1999.
4. In respect of loans & advances, the company in the nature of
advances given by the company, the parties are generally re-paying the
principal amount as stipulated and have also been regular in paying of
interest where applicable.
5. In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sales of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
6. Based on the audit procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that there are no transactions that need to be entered into the
registers management under section 301 of the Companies Act, 1956.
7. The company has not accepted any deposit from the public. Therefore
the provisions of Section 58A, & 58AA of the Companies Act, 1956, and
the Rules framed there under do not apply.
8. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
9. To the best of our knowledge and according to the information given
to us, the Central Government has not prescribed the maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the company.
10. (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on management representations the provident funds Act
and employees state insurance Act is not applicable to the company,
undisputed statutory dues in respect of income tax and other material
statutory dues have generally been regularly deposited by the company
during the year with the appropriate authorities in India.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth-tax, sales
tax, customs and excise duty were outstanding , as at 31st March, 2013
for a period of more than six months from the date they become payable.
(c) According to the records of the company, there are no dues of sales
tax, income tax, customs tax/ wealth tax, excise duty/ cess which have
not been deposited on account of any dispute.
11. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures & other similar
securities.
12. According to the information and explanation given to us the
company has not given any guarantee for loan taken by other from banks
or financial institutions.
13. According the information and explanation given to us and as shown
by the records examined by us there were no dues payable to financial
institutions or banks.
14. The company has not taken any term loan during the year.
15. In our opinion, the company is not a chit fund or a nidhi, mutual
benefit fund or society therefore the provision of clause 4 (xiii) of
the companies (Auditor''s report) Order 2003 are not applicable to the
company.
16. Based on the information and explanation given to us and on an
overall examination of the books of accounts as on 31.03.2013, we
report that no funds raised on short term basis have used for long-
term investments by the company and vice versa.
17. Based on the audit procedure performed and the information and
explanation given to us by the management we report that the company
has not made any preferential allotment of shares during the year.
18. The company has no outstanding debentures during the period under
audit
19. As per the information and explanation given to us and on the basis
of examination of records, no material fraud on or by the company was
noticed or reported during the year.
FOR RAVI BHUSAN & CO.
CHARTED ACCOUNTANTS
RAVI BUSHAN PRASAD
MEMBERSHIP NO.: 505754
FIRM REGD.NO.: 020618N
Place: Haryana
Date: 31.08.2013
Mar 31, 2012
1. We have audited the attached Balance sheet of M/S KRISHI IMPLEMENTS
PVT LTD, as at 31st March 2012 the Profit and Loss account 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 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(s). An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates made
by die management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003, issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956 is not applicable to the company.
4. Further to our comments as per annexure referred in paragraph (3)
above, we state 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 accounts, as required by law have
been kept by the company as appears from our examination of those
books.
(c) The Balance sheet and profit and loss account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the Profit & Loss''account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) if
Section 211 of the Companies Act, 1956 i
(e) On the basis of information made available to us, we are of the
opinion that none of the directors of the company art as
on 31.03,2012 from being appointed as directors in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principals generally accepted in
India :-
(i) In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2012and
(ii) In the case of Profit and Loss account, Profit of the company for
the year ended on that date.
For Ravi Bhushan & Co.
Chartered Accountants
CA Ravi BP Gupta
Partner
Membership No.: 505754
Firm Regd.No.: 020618N
Place: New Delhi
Date: 01.09.2012
Mar 31, 2011
We have audited the attached Balance Sheet of KANAK KRISHI IMPLIMENTS
PRIVATE LIMITED as on 31.3.2011. And also the Profit & Loss Account for
the year ended on that annexed thereto. These financial statements are
the responsibility of the company''s management. Our responsibility is
to express our opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These 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 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 CARO (Amendment) Order, 2004, issued by the Central
Government of India in term of sub-section (4A) of section 227 of the
Companies Act, 1956. We state that the said order is not applicable to
the company.
Further we report that:-
Further to our comments in the Annexure referred to above, we report
that:
1. We have obtained all the information which to the best of our
knowledge and belief were necessary for the purposes of our audit;
2. 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
these books:
3 The Balance Sheet and Profit and loss Account details with by this
report are in agreement with the books of account:
4. In our opinion, the Balance Sheet and Profit and loss Account dealt
with by this reports comply with the accounting standards referred to
in sub- section (3c) of section 211 of the companies Act, 1956.
5. On the basis of written representation received from the directors,
as on 31/03/2011 and taken on record by the board of directors, we
report that none of the directors is disqualified as on 31/03/2011 from
being appointed as a director in terms of clause(g) of sub-section(1)
of section 274 of the companies Act, 1956.
6. In our Opinion and to the best of our information and according to
the explanations given to us the said accounts 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 principals
generally accepted in India.
a) In the case of Balance sheet, of the state of affairs of the company
as on 31/03/2011.
b) In case of the Profit and Loss Account, of the loss for the year
ended on that date.
For Ravi Bhushan & Co
Chartered Accountants
sd/-
Ravi B. P. Gupta
Membership No. 505754
Patner
Place : New Delhi
Date : 20.29.2011