Mar 31, 2015
We have audited the accompanying financial statements of LYNX MACHINERY
AND COMMERCIALS LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory informa- tion.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial state- ments that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014, This responsibility also includes
mainte- nance of adequate accounting records in accordance with the
provisions of the Act for safe- guarding the assets of the Company and
for preventing and detecting frauds and other irregu- larities;
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 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 have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial state- ments
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judg- ment, including the
assessment of the risks of material misstatement of the financial state
ments, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the
Company's preparation of the financial statements that give a true and
fair view in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the oper- ating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial state- ments.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion
(a) The Company's trade receivables aggregating to Rs 2,445,169 are old
and under litigation. We were unable to obtain sufficient appropriate
audit evidence about the extent to which these amounts are realisable.
Consequently, we were unable to determine whether any adjustments to
these amounts were necessary. This matter was also qualified in our
report on the financial, statements for the year ended 31st March 2014;
and
(b) In respect of the company's investment in quoted equity shares, a
sum of Rs 8,044,525 has been invested in equity shares of companies
which are not actively traded on stock exchanges. We were unable to
obtain, sufficient appropriate audit evidence about the carrying amount
of the company's investments in such equity shares as at March 31, 2015
because we did not have access to the financial information of the
investee companies. Consequently, we wrere unable to determine whether
any adjustments to these amounts were necessary.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the possible effects of the
matters described in tire Basis for Qualified Opinion paragraph, the
aforesaid 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 of the state
of affairs of the Company as at 31 st March 2015, and its loss and its
cash flows for the year ended on that date.
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central. Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable,
2. As required by Section 1.43 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit ;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books ;
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account ;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014
(e) On the basis of the written representations received from the
directors as on. 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (.2) of the
Act;
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us;
I. The Company lias disclosed the impact of pending litigations on its
financial position in its financial statements-Refer Note 2,22 and 2.23
to the financial statements;
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
tosses ;
III. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Statement on matters specified in paragraphs 3 & 4 of the Companies
(Auditor's Report) Order 2015 (the order"), issued by the Central
Government in terms of Sub-section (11) of section 143 of the Companies
Act 2013, for the year ended 31st March 2015
(i) The company is maintaining proper records showing full particulars,
including quan- titative details and situation of fixed assets. These
fixed assets have been physically verified by the Management at
reasonable intervals and no material discrepancies were noticed on such
verification.
(ii) The inventory has been physically verified by the Management at
reasonable inter- vals. In our opinion, the procedures of physical
verification of above followed by the Management are reasonable and
adequate in relation to the size of the Company and nature of its
business. In our opinion, the company is maintaining proper records of
inventory and no material discrepancy was noticed on physical verifica-
tions.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Compa- nies Act 2013. As such clause (iii) of
para 3 of the order is not applicable.
(iv) The Company has an internal control procedure commensurate with
the size of the Company and nature of the business, for the purchase of
fixed assets. The company had no purchase of inventory or sale of goods
or services during the year. We have not come across or have been
informed of any major weaknesses in the internal control procedures,
(v) In accordance with information and explanations given to us. the
company has not accepted any deposits during the year and hence
directives issued by the Reserve bank of India and provisions of
section 73 to 76 and other applicable provisions of the Companies Act
2013, and rules framed there under are not applicable. No order in this
regard, in respect of the company, has been passed by the Company Law
Board or Reserve Bank of India or National Company Law Tribunal or any
court or any other tribunal
(vi) As explained to us the Central Government has not prescribed
maintenance of cost records for the Company under subsection (1) of
section 148 of the Companies Act 2013.
(vii) The Company is regular in depositing of all undisputed statutory
dues including provident fund, employees' state insurance, income-tax,
service tax and any other statutory dues, so far as applicable to the
Company, with the appropriate authorities and the company has no
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.
The Company has no disputed statutory dues on account of Income-tax,
Sales-tax, Wealth tax, service lax, duty of customs, duty of excise or
value added tax or cess.
The company has no amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 and rules made there under.
(viii) The Company has no accumulated losses as at 31st March 2015. It
has incurred cash losses in the financial year as well as in the
immediately preceding financial year.
(ix) In accordance with the information and explanations given to us
the company has no dues to any financial institution or bank or
debenture holder.
(x) The company has not given any guarantee for loans taken by others
from a bank or financial institutions.
(xl) In accordance with the information given to us, the Company has
not taken any fresh term loan during the year.
(xii) In accordance with our audit as per generally accepted auditing
practices and the information and explanation given to us, no fraud by
or on the Company has been noticed or reported during the year nor have
we been informed of any such case by the management.
Martin Bum House, Room No. 303, FOR K.L SINGHEE & CIO.
1, R.N. Mukherjee Road, Chartered Accountants
Rolkata - 700 001 Firm registration No. 303121E
The 2nd day of June, 2015 K.L. SINGHEE
Partner
Membership No, 004964
Mar 31, 2014
We have audited the accompanying financial statements of LYNX MACHINERY
AND COMMERCIALS LIMITED, which comprise the Balance Sheet as at 31st
March, 2014 and the Statement of Profit and Loss and 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 a true and fair view of the financial position,
financial performance and financial performance of the - Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s 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 basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, subject to
non-provision for trade-receivables which are under litigation, give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows 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"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we repprt that:
a. We have obtained all the information and explanations which to the
best of our knowledge j and belief were necessary for the purpose of
our audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of-section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
and
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT:
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. These
fixed assets have been physically verified by the Management at
reasonable intervals and no material discrepancies were noticed on such
verification. In our opinion and according to the information and
explanations given to us, a substantial part of fixed assets has not
been disposed of by the company during the year.
2. The inventory has been physically verified by the Management at
reasonable intervals. In our opinion, the procedures of physical
verification of above followed by the Management are reasonable and
adequate in relation to the size of the Company and nature of its
business. In our opinion, the company is maintaining proper records of
inventory and no material discrepancy was noticed on physical
verification.
3. The company has not taken any loan, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
The company has not granted any loan or Advances in the nature of Loans
to companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
4. In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. 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 failures to correct major weaknesses in the
aforesaid internal control procedures.
5. As explained to us, there has not been any transaction during the
year that need to be entered in the Register required to be maintained
under section 301 of the Companies Act, 1956, and exceeding during the
year to Rs five lacs or more in respect of each such party.
6. The Company has not accepted deposit from public during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed thereunder, as applicable.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
9. According to the information and explanations given to us and
according to the records of the company, the company is regular in
depositing statutory dues, including provident fund, employees'' state
insurance, income tax, and other material statutory dues as applicable,
with the appropriate authorities during the year. There were no amounts
outstanding as at 31st March, 2014 in respect of undisputed
sales-tax/income-tax etc. which were due for more than six months from
the date they became payable. According to information and explanations
given to us there are no cases of dues of sales tax/income tax/customs
duty/wealth tax etc. which have not been deposited on account of any
dispute.
10. The company does not have accumulated losses at the end of this
financial year. The company has incurred cash losses in this financial
year but not in the immediately preceding financial year.
11. The company has not obtained any loans from financial institutions
or. bank or debenture holders, and hence the question of default does
not arise.
12. The company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund and
nidhi / mutual benefit fund / society are not applicable to the
company.
14. In our opinion, the company has maintained adequate records of its
transactions and contracts in shares, securities, debentures and other
investments, and timely entries have been made therein. The shares,
securities, debentures and other investments have been held by the
company in its own name, except to the extent of exemption granted
under section 49 of the Companies Act, 1956.
15. The company has not given any guarantee for loans taken by others
from a bank or financial institutions.
16. The company has not raised any fresh term loan during the year.
17. On the basis of overall examination of the Balance Sheet and Cash
Flow Statement of the Company, and according to the information and
explanations given to us, in our opinion, funds raised on a short term
basis have not been used for long term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
FOR K. L. SINGHEE & CO.
Chartered Accountants
Firm Registration No.: 303121E
Martin Burn House, Room No. 303, K. L. SINGHEE
1, R N Mukherjee Road, Kolkata-700 001 Partner
The 27th day of May, 2014 Membership No. 004964
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of LYNX MACHINERY
AND COMMERCIALS LIMITED, which comprise the Balance Sheet as at 31st
March, 2013 and the Statement of Profit and Loss and Cash Flow
Statement for the yearthen ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
CompaniesAct, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, subject to
non-provision for trade-receivables which are under litigation, give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013; , ¦
(b) in the case of the Statement of Profit and Loss, of the profit
forthe year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows forthe
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 section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary.forthe purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the CompaniesAct, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441Aofthe
CompaniesAct, 1956 nortvas 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.
LYNX MACINERY AND COMMERCIALS LIMITED - YEAR ENDED 31* MARCH 2013
ANNEXURE TO AUDITORS'' REPORT:
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. These
fixed assets have been physically verified by the Management at
reasonable intervals and no material discrepancies were noticed on such
verification. In our opinion and according to the information and
explanations given to us, a substantial part of fixed assets has not
been disposed of by the company during the year.
2. The inventory has been physically verified by the Management at
reasonable intervals. In our opinion, the procedures of physical
verification of above followed by the Management are reasonable and
adequate in relation to the size of the Company and nature of its
business. In our opinion, the company is maintaining proper records of
inventory and no material discrepancy was noticed on physical
verification.
3. The company has not taken any loan, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
The company has not granted any loan or Advances in the nature of Loans
to companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
4. In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. 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 failures to correct major weaknesses in the
aforesaid internal control procedures.
5. As explained to us, there has not been any transaction during the
yearthat need to be entered in the Register required to be maintained
under section 301 of the Companies Act, 1956, and exceeding during the
year to Rs five lacs or more in respect of each such party.
6. The Company has not accepted deposit from public during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed thereunder, as applicable.
7. The company has an internal audit system commensurate with is size
and nature of its business.
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
9. According to the information and explanations given to us and
according to the records of the company, the company is regular in
depositing statutory dues, including provident fund, employees'' state
insurance, income tax, and other material statutory dues as applicable,
with the appropriate authorities during the year. There were no amounts
outstanding as at 31st March, 2013 in respect of undisputed
sales-tax/income-tax etc. which were due for more than six months from
the date they became payable. According to information and explanations
given to us there are no cases of dues of sales tax/income tax/customs
duty/wealth tax etc. which have not been deposited on account of any
dispute.
10. The company does not have accumulated losses at the end of this
financial year. The company has not incurred cash losses in this
financial year and also in the immediately preceding financial year.
11. The company has not obtained any loans from financial institutions
or bank or debenture holders, and hence the question of default does
not arise.
12. The company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund and
nidhi / mutual benefit fund / society are not applicable to the
company.
14. In our opinion, the company has maintained adequate records of its
transactions and contracts in shares, securities, debentures and other
investments, and timely entries have been made therein. The shares,
securities, debentures and other investments have been held by the
company in its own name, except to the extent of exemption granted
under section 49 of the Companies Act, 1956.
15. The company has not given any guarantee for loans taken by others
from a bank or financial institutions.
16. In our opinion, and according to the information and explanations
given to us, the terms loan raised during the year has been applied for
the purpose for which the loan was obtained.
17. On the basis of overall examination of the Balance Sheet and Cash
Flow Statement of the Company, and according to the information and
explanations given to us, in our opinion, funds raised on a short term
basis have not been used for long term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For K. L Singhee & CO.
Chartered Accountants
Room No. 303, Martin Burn House Firm Registration No. : 303121E
1, R.N. Mukherjee Road K. L Singhee
Kolkata - 700 001. Partner
The 30th day of May, 2013. Membership No. 004964
Mar 31, 2012
We have audited the attached Balance Sheet of LYNX MACHINERY AND
COMMERCIALS LIMITED as at 31st March, 2012 and also the Statement of
Profit and Loss Account and the Cash Flow Statement for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Govern- ment of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we report that
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. These
fixed assets have been physically verified by the Management at
reasonable intervals and no material discrepancies were noticed on such
verification. In our opinion and according to the information and
explanations given to us, a substantial part of fixed assets has not
been disposed of by the company during the year.
2. The inventory has been physically verified by the Management at
reasonable intervals. In our opinion, the procedures of physical
verification of above followed by the Management are reasonable and
adequate in relation to the size of the Company and nature of its
business. In our opinion, the company is maintaining proper records of
inventory and no material discrepancy was noticed on physical
verification.
3. The company has not taken any loan, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
The company has not granted any loan or Advances in the nature of Loans
to companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
4. In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. 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 failures to correct major weaknesses in the
aforesaid internal control procedures.
5. As explained to us, there has not been any transaction during the
year that need to be entered in the Register required to be maintained
under section 301 of the Companies Act, 1956, and exceeding during the
year to Rs five lacs or more in respect of each such party.
6. The Company has not accepted deposit from public during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed thereunder, as applicable.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
9. According to the information and explanations given to us and
according to the records of the company, the company is regular in
depositing statutory dues, including provident fund, employees' state
insurance, income tax, and other material statutory dues as applicable,
with the appropriate authorities during the year. There were no amounts
outstanding as at 31 st March, 2012 in respect of undisputed
sales-tax/income-tax etc. which were due for more than six months from
the date they became payable. According to information and explanations
given to us there are no cases of dues of sales tax/income tax/customs
duty/wealth tax etc. which have not been deposited on account of any
dispute.
10. The company does not have accumulated losses at the end of this
financial year. The company has not incurred cash losses in this
financial year and also in the immediately preceding financial year.
11. The company has not obtained any loans from financial institutions
or bank or debenture holders, and hence the question of default does
not arise.
12. The company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund and
nidhi / mutual benefit fund / society are not applicable to the
company.
14. In our opinion, the company has maintained adequate records of its
transactions and con- tracts in shares, securities, debentures and
other investments, and timely entries have been made therein. The
shares, securities, debentures and other investments have been held by
the company in its own name, except to the extent of exemption granted
under section 49 of the Companies Act, 1956.
15. The company has not given any guarantee for loans taken by others
from a bank or financial institutions.
16. The company has not obtained any term loan during the year.
17. On the basis of overall examination of the Balance Sheet and Cash
Flow Statement of the Company, and according to the information and
explanations given to us, in our opinion, funds raised on a short term
basis have not been used for long term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
Further to our comments above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowl- edge and belief were necessary for the purposes of
our audit;
(ii) In pur opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet and the Statement of Profit and Loss Account
dealt with by this report are in agreement with the books of account;
(iv) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(v) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to
non-provision for trade-receivables which are under litigation, comply
with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956; and 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, 2012;
(b) in the case of the Statement of Profit and Loss Account, of the
profit for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
FOR K. L. SINGHEE & CO.
Chartered Accountants
Firm Registration No.: 303121E
15 India Exchange Place
K L SINGHEE
Kolkata - 700 001 partner
The 13th day of August, 2012 Membership No. 004964
Mar 31, 2010
We have audited the attached Balance Sheet of LYNX MACHINERY AND
COMMERCIALS LIMITED as at 31st March, 2010 and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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.
As required by the Companies (AuditorÃs 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 report that :-
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. These
fixed assets have been physically verified by the Management at
reasonable intervals and no material discrepancies were noticed on such
verification. In our opinion and according to the information and
explanations given to us, a substantial part of fixed assets has not
been disposed of by the company during the year.
2. The inventory has been physically verified by the Management at
reasonable intervals. In our opinion, the procedures of physical
verification of above followed by the Management are reasonable and
adequate in relation to the size of the Company and nature of its
business. In our opinion, the company is maintaining proper records of
inventory and no material discrepancy was noticed on physical
verification.
3. The company has not taken any loan, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
The company has not granted any loan or Advances in the nature of Loans
to companies, firms or other parties covered in the Register maintained
under section 301 of the Act.
4. In our opinion, the Company has an adequate internal control
procedure commensurate with the size of the Company and nature of its
business for the purchase of inventory and fixed assets and for sale of
goods and services. 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 failures to correct major weaknesses in the
aforesaid internal control procedures.
5. As explained to us, there has not been any transaction during the
year that need to be entered in the Register required to be maintained
under section 301 of the Companies Act, 1956, and exceeding during the
year to Rs five lacs or more in respect of each such party.
6. The Company has not accepted deposit from public during the year
within the meaning of section 58A and section 58AA of the Companies
Act, 1956 and the rules framed thereunder, as applicable.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 in respect of the activities carried on by the company.
9. According to the information and explanations given to us and
according to the records of the company, the company is regular in
depositing statutory dues, including provident fund, employeesà state
insurance, income tax, and other material statutory dues as applicable,
with the appropriate authorities during the year. There were no amounts
outstanding as at 31st March, 2010 in respect of undisputed
sales-tax/income-tax etc. which were due for more than six months from
the date they became payable. According to information and explana-
tions given to us there are no cases of dues of sales tax/income
tax/customs duty/wealth tax etc. which have not been deposited on
account of any dispute.
10. The company does not have accumulated losses at the end of this
financial year. The company has not incurred cash losses in this
financial year and also in the immediately preceding financial year.
11. The company has not obtained any loans from financial institutions
or bank or debenture holders, and hence the question of default does
not arise.
12. The company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of special statute applicable to chit fund and
nidhi / mutual benefit fund / society are not applicable to the
company.
14. In our opinion, the company has maintained adequate records of its
transactions and con- tracts in shares, securities, debentures and
other investments, and timely entries have been made therein. The
shares, securities, debentures and other investments have been held by
the company in its own name, except to the extent of exemption granted
under section 49 of the Companies Act, 1956.
15. The company has not given any guarantee for loans taken by others
from a bank or financial institutions.
16. The company has not obtained any term loan during the year.
17. On the basis of overall examination of the Balance Sheet and Cash
Flow Statement of the Company, and according to the information and
explanations given to us, in our opinion, funds raised on a short term
basis have not been used for long term investment.
18. According to the information and explanations given to us, no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money by way of public issue during
the year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
Further to our comments above, we report that :
(i) We have obtained all the information and explanations, which to the
best of our knowl- edge and belief were necessary for the purposes of
our audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(iv) 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 a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(v) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to Note No 9
regarding payment of managerial remu- neration, Note No 10 regarding
accounting of storage & hire income and Note No 8 regarding
non-provision for debtors under litigation, comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956; and give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India :
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
15 India Exchange Place For K. L. SINGHEE & CO.
Kolkata - 700 001 Chartered Accountants
The 4th day of August, 2010 Firm Registration No.: 303121E
K. L. SINGHEE
Partner
Membership No. 004964