Mar 31, 2014
1. I have audited the attached balance sheet of LASER DIAMONDS LTD as
at 31 st March 2014, 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. My responsibility is to express an opinion on these
financial statements based on my audit.
2. I have conducted my audit in accordance with the 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. I believe that my audit provides a reasonable basis for
my opinion.
3. As required by the Companies (Auditor''s report) order 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 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. Further to my comments in the Annexure referred to above, I
report that:
4. i) I have obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of
my audit.
ii) In my opinion, proper books of account as required by law have been
kept by the company so far as appears from my examination of those
books.
III) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
IV) In my 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 sub-section (3C) of section 211 of the
Companies Act, 1956.
V) On the basis of written representation received from the directors,
as on 31 st March 2014 and taken on record by the Board of Directors, I
report that none of the directors are disqualified as on 31 st March
2014 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of Companies Act, 1956;
VI) In my opinion and to the best of my information and according to
the explanations given to me, 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 31 st March 2014.
b) I n the case of profit and loss account, of the loss for the year
ended on that date; and I n the case of the Cash 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) (a) On the basis of examination of the records of the company, I
report that the company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has maintained proper records showing full particulars,
including quantitative details and situation off fixed assets. All
fixed assets have not been physically verified by the management during
the year but there is a regular programme.of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. As informed, no material discrepancies were
noticed on such verification. The Company has disposed off building
used as Registered office.However,in our opinion,this will not affect
going concern concept.
2) a) Inventory as on 31.03.2014 is Rs.70,51,350.00 [P Y.
70,51,350.00], Physical verification of Inventories has taken, during
the year by management.
b) In my opinion and according to the information and explanation given
to me, 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 business.
c) On the basis of examination of the records of the inventory and
according to information and explanations given to me, the company is
maintaining proper records of inventory.
3) The company has taken loans, being unsecured, to the tune of Rs.6.35
Lakhs from one Party during the year and the total loans outstanding as
at 31.03.2014 is Rs.6.35 Lakhs from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
4) In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and with regard to the
sale of goods. During the course of our audit, I have not observed any
continuing failure to correct major weaknesses in internal controls.
5) In my opinion and according to the information and explanations
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
6) In my opinion and according to the information and explanations
given to me, the company has not accepted any deposit from Public.
7) In my opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8) The Industry in which Company''s business is involved is not
prescribed u/s 210(1) (d) for maintenance of cost records.
9) (a) As per the information and explanations given to me and records
of the company, the company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
excise duty, cess and other material statutory dues applicable to it.
No wealth tax and custom duty is payable by company.
(b) According to the information and explanations given to me and
records of the company, no undisputed amounts payable in respect of
income tax, wealth tax, sales tax, customs duty, excise duty and cess
were in arrears, as at 31.03.14 for a period of more than six months
from the date they became payable.
c) According to the information and explanations given to me, 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.
10) The company has accumulated losses at the end of the financial
year. The Company has incurred Cash Losses during the financial year
covered by the audit and in the immediately preceding financial year.
11) In my opinion and according to the information and explanations
given to me, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12) As per records of the company, the company has not granted any
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
13) In my opinion, the company is not a chit fund or a 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.
14) In my opinon, 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 (Auditor1 Report) Order
2003 are not applicable to the Company.
15) As per the records of the company, the company has not given
guarantees for loans taken by other from banks or financial
institutions.
16) As per records of the company, the company has not raised any term
loan.
17) According to the information and explanations given to me and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18) According to the information and explanations given to me and as
per records of the company, the company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19) According to the information and explanations given to me, during
the period covered by my audit report, the company had not issued any
debentures during the year.
20) During the course of my examination of books of accounts carried
out in accordance with generally accepted practices in India, I have
neither come across any incidence of fraud on or by the company nor
have we beeninformed of any such case by the management.
Date : 11.08.2014 (BHARAT KUMAR N. JAIN)
Place: Chennai Chartered Accountant
376, Mint Street, 2nd Floor
Chennai-600 079, [M. No.027891]
Mar 31, 2013
1. I have audited the attached balance sheet of LASER DIAMONDS LTD as
at 31 March 2013, 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. My responsibility is to express an opinion on these
financial statements based on my audit.
2. I have conducted my audit in accordance with the 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. I believe that my audit provides a reasonable basis for
my opinion.
3. As required by the Companies (Auditor''s report) order 2003, issued
by the Central Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1 956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
Further to my comments in the Annexure referred to above, I report
that:
4. i) I have obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of
my audit.
ii) In my opinion, proper books of account as required bylaw have been
kept by the company so far as appears from my examination of those
books.
III) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
IV) In my 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 sub-section (3C) of section 2 1 1 of the
Companies Act, 1956.
V) On the basis of written representation received from the directors,
as on 31 st March 201 3 and taken on record by the Board of Directors,
1 report that none of the directors are disqualified as on 3 1 st March
201 3 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of Companies Act, 1956;
VI) In my opinion and to the best of my information and according to
the explanations given to me, the said accounts give the information
required by the Companies Act, 1 956, 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 201 3;
b) In the case of profit and loss account, of the loss for the year
ended on that date; and In the case of the Cash 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) (a) On the basis of examination of the records of the company, I
report that the company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has maintained proper records showing full''
particulars, including quantitative details and
situation off fixed assets. All fixed assets have not been physically
verified by the management during the year but there is a regular
programme.of verification which, in our opinion, is reasonable having
regard to the si2e of the Company and the nature of its assets. As
informed, no material discrepancies were noticed on such verification.
The Company has disposed off building used as Registered
office.However,in our opinion,this will not affect going concern
concept.
2) a) Inventory as on 31.03.2013 is Rs.70,51,350.00 [P Y. 57,99,91
1.00], Physical verification of Inventories has taken, during the year
by management.
b) In my opinion and according to the information and explanation given
to me, 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 business.
c) On the basis of examination of the records of the inventory and
according to information and explanations given to me, the company is
maintaining proper records of inventory.
3) The company has not entered into any contracts or arrangements
attracting the provision of section 297 & 301 of the Companies Act 1956
and hence the Clause (V) of the said Order is not applicable.
4) In my opinion and according to the information and explanations
given to me, there are adequate infernal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and with regard to the
sale of goods. During the course of our audit, I have not observed any
continuing failure to correct major weaknesses in internal controls.
5) In my opinion and according to the information and explanations
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
6) In my opinion and according to the information and explanations
given to me, the company has not accepted any deposit from Public.
7) In my opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8) The Industry in which Company''s business is involved is not
prescribed u/s 210(1) (d) for maintenance of cost records.
9) (a) As per the information and explanations given to me and records
of the company, the company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
excise duty, cess and other material statutory dues applicable to it.
No wealth tax and custom duty is payable by company.
(b) According to the information and explanations given to me and
records of the company, no undisputed amounts payable in respect of
income tax, wealth tax, sales tax, customs duty, excise duty and cess
were in arrears, at at 3 1 03.13 for a period of more than six months
from the date they became payable.
c) According to the information and explanations given to me, 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.
10) In my opinion, the accumulated losses of the company is Rs. 169.58
Iocs as on 31.03.2013, which is not more than 50% of its net worth.
11) In my opinion and according to the information and explanations
given to me, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12) As per records of the company, the company has not granted any
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
13) In my opinion, the company is not a chit fund or a 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.
14) In my opinon, 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'' Report) Order
2003 ore not applicable to the Company.
15) As per the records of the company, the company has not given
guarantees for loans taken by other from banks or financial
institutions.
16) As per records of the company, the company has not raised any term
loan.
17) According to the information and explanations given to me and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
1 8) According to the information and explanations given to me and as
per records of the company, the company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19) According to the information and explanations given to me, during
the period covered by my audit report, the company had not issued any
debentures during the year.
20) During the course of my examination of books of accounts carried
out in accordance with generally accepted practices in India, I have
neither come across any incidence of fraud on or by the company nor
have we been informed of any such case by the management.
Date: 12.08.2013
Place: Chennai (BHARAT KUMAR N. JAIN)
Chartered Accountant
376, Mint Street, 2nd Floor
Chennai-600 079, [M. No.027891]
Mar 31, 2012
I have audited the attached balance sheet of LASER DIAMONDS LTD as at
31 st March 2012, 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. My responsibility is to express an opinion on these
financial statements based on my audit.
I have conducted my audit in accordance with the 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. I believe that my audit provides a reasonable basis for
any opinion.
As required by the Companies (Auditor's report) order 2003, issued by
the Central Government of India in terms of subsection (4A) of section
22 7 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.
Further to my comments in the Annexure referred to above, I report
that:
I have obtained all the information and explanations, which to the best
of our knowledge and belief were necessary for the purposes of my
audit.
In my opinion, proper books of account as required by law have been
kept by the company so far as appears from my examination of those
books.
The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account.
In my 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 sub-section (3C) of section 211 of the
Companies Act, 1956.
On the basis of written representation received from the directors, as
on 31st March 2012 and taken on record by the Board of Directors, I
report that none of the directors are disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 2 74 of Companies Act 1956;
In my opinion and to the best of my information and according to the
explanations given to me. 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.
In the case of the balance sheet of the state of affairs of the company
as at 31st March 2012;
In the case of profit and loss account of the toss for the year ended
on that date; and
In the case of the Cash Flow Statement of the Cash Flows for the year
ended on that date.
LASER DIAMONDS LIMITED
Referred to in paragraph 3 of out report of even dale.
1) (a) On the basis of examination of the records of the company .
report that the company has maintained proper records showing full
particulars including quantitative details and satiation of fixed
assets. (b) On the basis of examination of the records of the company
report that all the assets have not been physically verified by the
management during the year but there is a regular programme of
verification which. In my opinion, is reasonable, having regard to the
size of the company and the nature of the assets. No material
discrepancies were noticed on such verification.
2) a] Inventory as on 31.03.2012 is Rs.57.99,911.00(P.Y. 55.99.205.00)
physical verification of inventories has taken during the year by
management.
b) In my opinion and according to the information and explanation given
to me. 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 business.
c) On the basis of examination of the records of the inventory and
according to information and explanations given to me, the company Is
maintaining proper records of Inventory.
3) The company has not entered into any contracts or arrangements
attracting the provision of section 29 7 & 301 of the Companies Act
1956 and hence the Clause (V) of the said Order is not applicable.
4) In my opinion and according to the Information and explanations
given to me. there are adequate internal control procedures
commensurate with the size of the company and the nature of Its
business with regard to purchase of Inventory and with regard to the
sale of goods. During the course of our audit, I have not observed any
continuing failure to correct major weaknesses In Internal controls.
5) In my opinion and according to the information and explanations
given to me, there are no transactions made In pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
6) In my opinion and according to the Information and explanations
given to me, the company has not accepted any deposit from Public.
7) In my opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8) The Industry in which Company's business is involved is not
prescribed u/s 210(1) (d) for maintenance of cost records.
9) (a) As per the Information and explanations given to me and records
of the company, the company is regular in depositing with appropriate
authorities undisputed statutory dues Including income tax, sales tax,
excise duty, cess and other material statutory dues applicable to it.
No wealth tax and custom duty is payable by company.
(b) According to the information and explanations given to me and
records of the company, no undisputed amounts payable In respect of
income tax, wealth tax, sales tax, customs duty, excise duty and cess
were in arrears, as at 31.03.12 for a period of more than six months
from the date they became payable.
c) According to the information and explanations given to me, 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.
10) In my opinion, the accumulated losses of the company is Rs. 168.74
lacs as on 31.03.2012, which is not more than 50% of its net worth.
11) In my opinion and according to the information and explanations
given to me, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12) As per records of the company, the company has not granted any
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
13) In my opinion, the company Is not a chit fund or a 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.
14) In my 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 (Auditor1 Report) Order
2003 are not applicable to the Company.
15) As per records of the company the company has not given guarantees
for loans taken by other from banks or financial institutions.
16) As per records of the company, the company has not raised Any term
loan.
17) According to the information and explanations given to me and on an
overall examination of the balance sheet of the company. we report that
the no funds raised on short-term basis have been used for long-term
investment No long-term funds have been used to finance short-term
assets except permanent working capital.
18) According to the information and explanations given to me and as
per records of the company the company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
19) According to the information and explanation given to me during the
period covered by my audit report the company had not issued any
debentures during the year.
20) During the course of my examination of books of accounts carried
out accordance with general accepted practices in India. I have neither
come across any Incidence of fraud on or by the company nor have we
been informed of any such case by the management.
Date : 24.08.2012 (BHARAJ KUMAR N.JAIN)
Place : Chennai 376. Mint Street. 2nd Floor.
Chennai-600 079. [M. No.027891]
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