Mar 31, 2015
We have audited the accompanying Financial Statements of M/s KINETIC
TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2015,
the Statement of Profit & Loss and Cash Flow Statement for the period
ended then ended and a summary of significant accounting policies and
other explanatory information.
Management Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statement that give a
true and fair view of the financial position and financial performance
and Cash flows of the Company in accordance with the accounting
principles generally accepted in India, including Accounting Standards
specified under Section 133 of the Act, read with rule 7 of the
Companies ( Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provision 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 judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and matter
which are required to be included in the audit report under the
provision of the Act and the Rules made there under. We conducted our
audit in accordance with Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of financial statements that give true and fair view in
order to design audit procedure of expressing an opinion on whether the
Company has in place an adequate internal financial controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and reasonableness of the accounting estimates made by the
Company's Directors as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required and give a true and fair view in
conformity with accounting principles generally accepted in India:- i)
In case of the Balance Sheet of the state of affairs of the company as
at 31st March 2015 and ii) In case of Statement of Profit and Loss, of
the Profit of the company for the year ended on that date. iii) In
case of Cash Flow Statements, of the Cash Flow for the year ended on
that date.
Report on other Legal & Regulatory requirements
i) As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
Section 143 of the Companies Act, 2013, and on the basis of such checks
of the books and records of the company as we considered appropriate
and according to the information and explanations given to us, we give
in the Annexure a statement specified in paragraph 3 of the said order.
ii) As required by section 143(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 as far as appears from our examination of such
books.
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt by this report are in agreement with the books of
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in section133 of the Companies Act,
2013, read with rule 7 of the Companies (Accounts) rules, 2014.
(e) On the basis of written representations received from the
directors, as on 31st March 2015, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as director in terms of Section 164(2) of the Act.
iii) As required by the Non ÂBanking Financial Companies Auditor's
Report (Reserve Bank) directions and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanations given to us, we give our
observations as under:-
a) (i) The Company is registered as NBFC with the Reserve Bank of India
as required U/S 45-IA of the Reserve Bank of India Act, 1934 and the
Certificate of the registration has been granted.
(ii) The company is entitled to hold COR issued by Bank in terms its
assets and income patterns as on 31 March of the applicable year.
b) As the Company is not accepting/holding public deposits, clause 'B'
of paragraph 3 of the NBFC Auditor's Report (Reserve Bank) Directions,
2008 is not applicable to this company.
c) (i) The Board of Directors have passed a resolution for the
non-acceptance of any public deposits.
(ii) The Company has not accepted any public deposits during the
relevant year.
(iii)The Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisioning for bad& doubtful debts as applicable to it.
(iv)The Company has complied with prudential norms relating to income
recognition, accounting standards, assets classification and
provisioning for bad & doubtful debts as applicable to it.
d) Clause 'D' of the paragraph 3 of NBFC Auditor's Report (Reserve
Bank) Directions, 2008 is not applicable to the company.
Annexure referred to in our report to the members of M/s KINETIC TRUST
LIMITED for the year ended on 31st March, 2015. We report that:-
S.
No. Particulars Auditors Remark
(i) (a) Whether the company is maintaining
proper records YES
showing full particulars, including
quantitative details and situation of
fixed assets;
(b) Whether these fixed assets have
been physically YES, Assets are
verified but no
verified by the management at reasonable
intervals; material discrepancies
between
whether any material discrepancies were
noticed on the book records and the
physical
such verification and if so, whether the
same have been inventory have been
noticed.
properly dealt with in the books
of account;
(ii) (a) Whether physical verification of
inventory has been Not Applicable
conducted at reasonable intervals by
the management;
(b) Are the procedures of physical
verification of Not Applicable
inventory followed by the management
reasonable and adequate in relation
to the size of the company and the
nature of its business If not, the
inadequacies in such procedures should
be reported;
(c) whether the company is maintaining
proper records of Not Applicable
inventory and whether any material
discrepancies were noticed on
physical verification and if so, whether
the same have been properly
dealt with in the books of account;
(iii) Whether the company has granted any
loans, secured or Not granted any loan
unsecured to companies, firms or other
parties covered in the register
maintained under section 189 of the
Companies Act. If so,
(a) Whether receipt of the principal
amount and interest Not Applicable
are also regular; and
(b) If overdue amount is more than
rupees one lakh, Not Applicable
whether reasonable steps have been
taken by the company for recovery of
the principal and interest;
(iv) Is there an adequate internal
control system On the basis of our
examination of the
books and
commensurate with the size of the
company and the records of the company,
and according to the
nature of its business, for the
purchase of inventory and information and
explanations given to
us, we have
fixed assets and for the sale of
goods and services. neither come across
nor have been informed
of any
Whether there is a continuing failure
to correct major continuing failure to
correct major weaknesses
in the
weaknesses in internal control system. aforesaid internal
control procedures.
(v) In case the company has accepted
deposits, whether the Not Applicable
directives issued by the Reserve Bank
of India and the provisions of sections
73 to 76 or any other relevant
provisions of the Companies Act and the
rules framed there under, where
applicable, have been complied with?
if not, the nature of contraventions
should be stated; If an order has been
passed by Company Law Board or
National Company Law Tribunal or Reserve
Bank of India or any court or any other
tribunal, whether the same has been
complied with or not?
(vi) Where maintenance of cost records
has been specified Not Applicable
by the Central Government under
sub-section (1) of section 148 of the
Companies Act, whether such accounts and
records have been made and maintained;
(vii) a) Is the company regular in depositing
undisputed YES, regular in
depositing statutory
dues appearing
statutory dues including provident fund,
employees' state in the books
of accounts. insurance, income-tax,
sales-tax, wealth tax, service tax, duty
of customs, duty of excise, value added
tax, cess and any other statutory dues
with the appropriate authorities and if
not, the extent of the 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, shall
be indicated by the auditor.
(b) In case dues of income tax or sales
tax or wealth tax or -do-
service tax or duty of customs or duty of
excise or value added tax or cess have not
been deposited on account of any dispute,
then the amounts involved and the forum
where dispute is pending shall be
mentioned.
(c) Whether the amount required to be
transferred to -do-
investor education and protection fund
in accordance with the relevant
provisions of the Companies Act, 1956
(1 of 1956) and rules made thereunder has
been transferred to such fund within time.
(viii) Whether in case of a company which has
been registered No accumulated losses
for a period not less than five years,
its accumulated losses at the end of the
financial year are not less than
fifty per cent of its net worth and
whether it has incurred
cash losses in such financial year and
in the immediately preceding financial
year;
(ix) Whether the company has defaulted in
repayment of NO
dues to a financial institution or bank
or debenture holders? If yes, the period
and amount of default to be reported;
(x) Whether the company has given any
guarantee for loans NO
taken by others from bank or financial
institutions, the terms and conditions
where of are prejudicial to the interest
of the company;
(xi) Whether term loans were applied for the
purpose for Not Applicable
which the loans were obtained;
(xii) Whether any fraud on or by the
company has been NO
noticed or reported during the year;
If yes, the nature and the amount
involved is to be indicated.
For and on behalf of M/s S.P. Monga & Co.
Chartered Accountants
Sd/-
(Sat Parkash Monga)
Proprietor
Membership No. 081562
FRN: 012174N
Place : New Delhi
Date : 26/05/2015
Mar 31, 2014
We have audited the accompanying Financial Statements of Mrs KINETIC
TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2014,
the Statement of Profit &Loss for the period ended on that date annexed
thereto and a summary of significant accounting policies and other
explanatory information.
Management 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 and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in Section 211(3C) of the Companies Act, 1956 ("the Act").
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a reasonable 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 said financial statements together with
the notes thereon and attached thereto give in the prescribed manner
the information required by the Companies Act 1956 and give a true and
fair view in conformity with the accounting principles generally
accepted in India:-
i) In case of the Balance Sheet of the state of affairs of the company
as at 31sl March 2014 and
ii) In case of Statement of Profit and Loss, of the Profit of the
company for the year ended on that date.
iii) In case of Cash Flow Statements, of the Cash Flow for the year
ended on that date.
Report on other Legal & Regulatory requirements
i) As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order 2004
(hereinafter referred to as "the Order") issued by the Central
Government of India in terms of sub-section (4A) of Section 227 of the
Companies Act, 1956, and on the basis of such checks of the books and
records of the company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure a
statement specified in paragraph 4 & 5 of the said order.
ii) 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 as far as appears from our examination of such
books.
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt by this report are in agreement with the books of
accounts.
(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Sub-section (3C) of section 211 of
the Companies Act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st March 2014, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2013 from being appointed as director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956.
iii) As required by the Non ^Banking Financial Companies Auditor''s
Report (Reserve Bank) directions and on the basis of such checks of the
books and records of the company as we considered appropriate and
according to the information and explanations given to us, we give our
observations as under;-
a) (i) The Company is registered as NBFC with the Reserve Bank of India
as required U/S 45-A of the Reserve Bank of India Act, 1934 and the
Certificate of the registration has been granted.
(ii) The company is entitled to hold COR issued by Bank in terms its
assets and income patterns as on 31 March of the applicable year,
b) As the Company is not accepting/holding public deposits, clause 1B''
of paragraph 3 of the NBFC Auditor''s Report (Reserve Bank) Directions,
2008 is not applicable to this company.
c) (i) The Board of Directors have passed a resolution for the
non-acceptanceofany public deposits.
(ii) The Company has not accepted any public deposits during the
relevant year.
(iii)The Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisioning for bad& doubtful debts as applicable to it
d) Clause ''D1 of the paragraph 3 of NBFC Auditor''s Report (Reserve
Bank) Directions, 2008 is not applicable to the company.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
Annexure referred to in our report to the members of NVs KINETIC TRUST
LIMITEDfor the year ended on 314t March, 2014. We report that
(i) (a) The company has maintained proper records showing full
particulars including situation of its fixed assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items over a
period of one years, which in our opinion, is reasonable having regard
to the size of the company and the nature of its assets. Pursuant to
the programme, a portion of the fixed assets has been physically
verified by the management during the year and no material
discrepancies between the book records and the physical inventory have
been noticed.
(ii) The Company has maintained proper records of inventory in the
books of account.
(iii) The company has not taken/accepted any unsecured loans during the
year from companies, firms and other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
The company has not granted any secured or unsecured loans to
companies, firms and other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanation that, there are adequate
internal control procedures commensurate with the size of the company
and the nature of its business for the purchases and sale of security
and fixed assets. Further, on the basis of our examination of the books
and records of the company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered
into the register in pursuance of section 301 of the Companies Act,
1956, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered into the register in pursuance of Section 301 of
the Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year, have been made at prices which
are reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of Sections 58 A, 58 A A or any other relevant
provisions of the companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposits accepted from the
public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub-section (1) of
Section 209 of the Companies Act, 1956 for any of the trading of the
Company.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues as
applicable with appropriate authorities.
(b) According to the information and explanations given to us, and the
records of the company examined by us, there are no dues of income tax,
service tax, custom duty and cess which have not been deposited on
account of any dispute.
(x) The company has no accumulated losses as at 31.03.2013 and it has
not incurred any cash losses in the financial year ended on that date
or in the immediately preceding financial year.
(xi) According to the records of the company examined by us and 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 as at the balance sheet date. The company
has not issued any debentures.
(xii) Based on our examination of documents and records, we are of the
opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/ societies are not applicable to
company-
(xiv) In our opinion and according to the information and explanations
given to us and based on our examination of documents and records, the
company has not made investment in Equity Shares during the year.
(xv) In our opinion and according to the information and explanations
given to us and based on our examination of documents and records, the
company has not given any guarantee for" loans taken by others from
bank or financial institutions during the year.
(xvi) The company has not taken any term loan from Bank or Financial
Institutions during the year.
(xvii) On the basis of an overall examination of the balance sheet of
the company, in our opinion and according to the information and
explanations given to usy there are no funds raised on a short-term
basis, which have been used for long-term investment.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Act.
(xix) The company has not issued any debenture during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practice in India and according to the information and explan
-ations given to us, no fraud (i.e, intentional material misstatement
resultant from fraudulent financial reporting and misappropriation of
assets) on or by the company has been noticed or reported during the
year by the company.
For S.F. Monga & Company
Chartered Accountants
Firm Registration No.; 012174N
sd-
Sat FarkashMonga
(Proprietor)
Membership No. 081562
FRN:012174N
Mar 31, 2010
1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED
as at 31st March 2010 and also the Profit & Loss account and the Cash
Flow Statement of the company for the period 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 standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the companies (Auditors Report) (Amendment) order 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, and on the basis of such
checks of the books and records of the company as we considered
appropriate arid according to the information and explanations given to
us, we further report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The fixed assets are physically verified by the management
according to a phased programme designed to cover all the items, which
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. Pursuant to the programme, all fixed
assets have been physically verified by the management during the year
and no material discrepancies between the book records and the physical
inventory have been noticed.
(ii) The company does not have any inventory during the year.
(iii) (a) The company has not granted any secured or unsecured loans to
company, firm and other parties covered in the register maintained
under section 301 of the
Companies Act, 1956.
(b) The company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanation there are adequate
internal control procedures commensurate with the size of the company
and the nature of its business for the services, expenses and fixed
assets. Further, on the basis of our examination of the books and
records of the company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
(v) (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
the register in pursuance of section 301 of the Companies Act, 1956,
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the company has not been made any transactions in
pursuance of contracts or arrangements entered into the register in
pursuance of Section 301 of the Companies Act, 1956 and exceeding the
value of five lakh rupees in respect of any party during the year.
(vi) The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from, the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub-section (1)
of-Section 209 of the Companies Act, 1956 for any of the Non Banking
Finance Company.
(ix) (a) According to the information "and explanations given to us and
the records of. the company examined by us, in our opinion, the
Company is generally regular in depositing the undisputed statutory
dues including income tax and other material statutory dues as
applicable with appropriate authorities.
(b) According to the information and explanations given to us and the
records of
the company examined by us, in our opinion, no undisputed amount
payable in respect of income tax and other taxes were in arrears, as at
31.03.2010 for a period of more than six months from the date they
became payable.
(c) According to the information and explanations given to us, and the
records of the company examined by us, there are no dues of income tax
and other taxes, which have not been deposited on account of any
dispute.
(x) The company has no accumulated losses as at 31.03.2010 and it has
not incurred cash loss during the financial year ended on that date.
(xi) According to the records of the company examined by us and the
information and explanations given by the management, we are of the
opinion that the company has not taken or accepted any loans from
financial institution or bank during the year. The default in
repayment of dues to a financial institution and bank are not
applicable to the company. The company has not issued any debentures.
(xii) Based on our examination of documents and records, we are of the
opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/ societies are not applicable to
company.
(xiv) The company has maintained proper records of securities, which it
has traded in and also in respect of shares, held as investments and
the said investments are in the name of the company.
(xv) In our opinion and according to the information and explanations
given to us and based on our examination of documents and records, the
company has not given any guarantee for loans taken by others from bank
or financial institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us and based on our examination of documents and records, the
company has not taken any term loan during the year.
(xvii) On the basis of an overall examination of the balance sheet of
the company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investment.
(xviii) The company has not made preferential allotment of shares to
parties and companies
covered in the register maintained under section 301 of the Act during
the year.
(xix) The company has not issued any debenture during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practice in India and according to the information and
explanations given to us, no fraud (i.e. intentional material
misstatement resultant from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the company.
Further to our comments in paragraph 3 above, 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 such
books.
c) The Balance Sheet and Profit and Loss Account dealt with this report
are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss account dealt
with by this report comply with the accounting standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of 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 director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act 1956 and give a
true and fair view in conformity with the accounting principles
generally accepted in India:-
i) In case of the Balance Sheet of the state of affairs of the company
as at 31st March 2010.
ii)In case of Profit and Loss Accounts, of the profit of the company
for the year ended on that date and
iii) In case of the Cash Flow Statement, of the cash flows for the year
ended on that date
For S.P.Monga & Co.
Sd/-
S.P. Monga
Membership No.: 081562
Place: New Delhi
Date : 9th June 2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED
as at 31st March 2009 and also the Profit & Loss account and the Cash
Flow Statement of the company for the period 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 standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the companies (Auditors Report) (Amendment) order 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, and on the basis of such
checks of the books and records of the company as we considered
appropriate and according to the information and explanations given to
us, we further report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. (b) The fixed assets are physically verified by the
managementaccording to a phased programme designed to cover all the
items, which in our opinion, is reasonable having regard to the size of
the company and the nature of its assets. Pursuant to the programme,
all fixed assets have been physically verified by the management during
the year and no material discrepancies between the book records and the
physical inventory have been noticed. (ii) The company does not have
any inventory during the year.
(iii) (a) The company has not granted any secured or unsecured loans to
company, firm and other parties covered in the register maintained
under section 301 of the Companies Act, 1956. (b) The company has not
taken any loans secured or unsecured from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. (iv) In our opinion and according to the
information and explanations given to us, having regard to the
explanation there are adequate internal control procedures commensurate
with the size of the company and the nature of its business for the
services, expenses and fixed assets. Further, on the basis of our
examination of the books and records of the company, and according to
the information and explanations given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weakness in the aforesaid internal control procedures. (v) (a)
In our opinion and according to the information and explanations given
to us, the transactions that need to be entered into the register in
pursuance of section 301 of the Companies Act, 1956, have been so
entered. (b) In our opinion and according to the information and
explanations given to us, the company has not been made any
transactions in pursuance of contracts or arrangements entered into the
register in pursuance of Section 301 of the Companies Act, 1956 and
exceeding the value of five lakh rupees in respect of any party during
the year.
(vi) The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 withregard to the
deposits accepted from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub-sectioh (1) of
Section 209 of the Companies Act, 1956 for any of the Non Banking
Finance Company. (ix) (a) According to the information and
explanations given to us and the records of the company examined by us,
in our opinion, the Company is generally regular in depositing the
undisputed statutory dues including income tax and other material
statutory dues as applicable with appropriate authorities.
(b) According to the information and explanations given to us and the
records of the company examined by us, in our opinion, no undisputed
amount payable in respect of income tax and other taxes were in
arrears, as at 31.03.2009 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, and the
records of the company examined by us, there are no dues of income tax
and other taxes, which have not been deposited on account of any
dispute.
(x) The company has accumulated losses of Rs. 4326/-as at 31.03.2009
and it has not incurred cash loss during the financial year ended on
that date.
(xi) According to the records of the company examined by us and the
information and explanations given by the management, we are of the
opinion that the company has not taken or accepted any loans from
financial institution or bank during the year. The default in repayment
of dues to a financial institution and bank are not applicable to the
company. The company has not issued any debentures.
(xii) Based on our examination of documents and records, we are of the
opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/ societies are not applicable to
company.
(xiv) The company has maintained proper records of securities, which it
has traded in and also in respect of shares, held as investments and
the said investments are in the name of the company. (xv) In our
opinion and according to the information and explanations given to us
and based on our examination of documents and records, the company has
not give any guarantee for loans taken by others from bank or financial
institutions during the year.
(xvi) In our opinion and according to the information and explanations
given to us and based on our examination of documents and records, the
company has not taken any term loan during the year.
(xvii) On the basis of an overall examination of the balance sheet of
the company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis, which have been used for long-term investment
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year. (xix) The company has not issued any
debenture during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practice in India and according to the information and
explanations given to us, no fraud (i.e. intentional material
misstatement resultant from fraudulent financial reporting and
misappropriation of assets) on or by the company has been noticed or
reported during the year by the company.
4. Further to our comments in paragraph 3 above, 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 such
books.
(c) The Balance Sheet and Profit and Loss Account dealt with this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss account dealt
with by this report comply with the accounting standards referred to in
Sub-section (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st March 2009, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2008 from being appointed as director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Companies Act 1956 and give a
true and fair view in conformity with the accounting principles
generally accepted in India:-
i) In case of the Balance Sheet of the state of affairs of the company
as at 31st March 2009,
ii) In case of Profit and Loss Accounts, of the profit of the company
for the year ended on that date and
iii)In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
For S.P. Monga & Co.
Chartered Accountants
Sd/-
S.P. Monga
Place: New Delhi Proprietor
Date: 24.08.2009 Membership No.: 081562