Mar 31, 2015
We have audited the accompanying financial statements of Seasons
Furnishings Limited ("the company"), which comprise the Balance Sheet
as at March 31st, 2015, 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.
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
preparation and presentation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally ac- cepted in India, including the Accounting Standards
specified under section 133 of the Act, read with the Rule 7 of the
Companies(Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accor- dance with the
provisions 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 insuring 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.
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 Stan- dards 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 state- ments. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstate- ment of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give 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 operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Board of 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 financial
statements
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial state- ments 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 31st, 2015;
b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
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 Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 and 4 of the said order, to the
extent applicable.
As required by Section 143(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
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 agree- ment with the books
of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified in Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on March 31st, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31st, 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
Auditor's) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial
position of the company.
ii. The Company did not have any material foreseeable losses on long
term contracts including derivatives con- tracts.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF THE
SEASONS FURNISHINGS LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED MARCH 31st, 2015
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
(b) As informed to us, these fixed assets have been physically verified
by the Management during the year. In our opinion the frequency of
verification is reasonable having regard to the size of the operations
of the Company. According to the informa- tion & explanations given to
us, no material discrepancies were noticed on such physical
verification
ii) (a) Physical verification of inventory has been conducted by the
management during the year and, in our opinion, the frequency of
verification is reasonable having regard to the size of the operations
of the Company.
(b) According to the information and explanations given to us, the
procedure of physical verification of inventory followed by the
Management, in our opinion, are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventories and no material discrepancies have been noticed on physical
verification of inventories as compared to the book records.
(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 Companies Act. Consequently, the requirement
of clause 3(iii) (a) and (b) of the Companies (Auditor's Report) Order,
2015 is not applicable.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures,
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for sale of
goods. During the course of Audit we have not observed any continuing
failure to correct major weaknesses in internal controls.
(v) The Company has not accepted any deposits from the public.
(vi) The nature of the Company's business is such that maintenance of
cost records specified by the central Government under sub section (1)
of section 148 of The Act, is not applicable.
(vii) (a) According to the records, information and explanations
provided to us, Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Value Added Tax, Cess and other statutory
dues applicable to it and no undisputed amounts payable were
outstanding as at March 31st, 2015 for a period of more than six months
from the date they became payable.
(b) There is no amount in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Value Added Tax and Cess that have not
been deposited with the appropriate authorities on account of any
dispute.
(c) According to the information and explanation given to us there were
no amounts which were required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
(viii) The Company has no accumulated losses as at 31st March, 2015.
The Company has not incurred cash losses in the financial year ended on
that date and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has generally not defaulted in repay- ment of
dues to a financial institution or bank. The Company has no debenture
holders.
(x) In our opinion and according to the information and explanation
given to us, the terms and conditions on which the Company has given
guarantees for loan taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xi) In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xii) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For ANUJ GARG & CO.,
Chartered Accountants
Firm's Registration Number- 03473N
Place: New Delhi C.A ANUJ GARG
Date : 27.05.2015 Proprietor
Membership No. 082422
Mar 31, 2014
We have audited the accompanying financial statements of SEASONS
FURNISHINGS LIMITED, which comprise the Balance Sheet as at March
31,2014, 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 is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial state- ments that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 state- ments 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 reasonable basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
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.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit read together with Note No 24 (o) of Notes on Accounts, wherein
due to fire the accounting records of the Company were destroyed and
part verification was done on the basis of duplicate records ;
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
subsection (3C) of section 211 of the Companies Act, 1956;
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.
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH 2014 OF SEASONS FURNISHINGS LIMITED
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As informed to us, these fixed assets have been physically verified
by the Management during the year. In our opinion the frequency of
verification is reasonable having regard to the size of the operations
of the Company. According to the information & explanations given to
us, no material discrep- ancies were noticed on such physical
verification.
c) The Company has not disposed off substantial part of fixed assets
during the year and the going concern status of the Company is not
affected.
2 (a) Physical verification of inventory has been conducted by the
management during the year and, in our opinion, the frequency of
verification is reason- able having regard to the size of the
operations of the Company
(b) According to the information and explanations given to us, the
procedure of physical verification of inventory followed by the
Management, in our opinion, are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventories and no material discrepancies have been noticed on physical
verification of inventories as compared to the book records.
3 (a) The Company has not granted any loan secured or unsecured to
companies / firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956 during the year. Consequently,
clauses (iii) (b), (iii) (c) and (iii) (d) of the Order are not
applicable.
(e) The Company has taken unsecured loans, from companies, firms or
other parties listed in the Register main-tained under section 301 of
the Compa- nies Act, 1956. The number of parties from whom loans are
taken are 1 and the balance outstanding at year end was Rs. 2,21,260/-
4 In our opinion and according to the information and explanation given
to us, there are adequate internal control procedures, commensurate
with the size of the Company and the nature of its business for
purchase of inventory and fixed assets and for sale of goods. During
the course of Audit we have not observed any continuing failure to
correct major weaknesses in internal controls.
5 (a) According to the information and explanation given to us, we are
of the opinion that the transactions that needs to be entered into the
Register maintained under section 301 have been so entered.
(b) According to the information and explanations given to us, the
transactions referred to under sub clause (a) above which exceed Rs.
5,00,000/- in each case have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6 The Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and the rules framed there
under.
7 In our opinion, the Company has an internal audit system which, in
our opinion, is commensurate with its size and nature of its business.
8 The Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9 (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Customs Duty,
Service Tax, Cess if any and other material statutory dues applicable
to it.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of Income Tax, Sales Tax, Customs
Duty, ,Service Tax and Cess were in arrears, as at 31st March, 2014 for
a period of more than six months from the date they became payable.
( c) According to the records of company, there are no dues outstanding
of Sales tax, Income tax, Customs duty, Service Tax or Cess on account
of any dispute amounts payable.
10 The Company has no accumulated losses as at 31st March, 2014. The
Company has not incurred cash losses in the financial year ended on
that date and in the immediately preceding financial year.
11 In our opinion and according to the information and explanations
given to us, the Company has generally not defaulted in repayment of
dues to a financial institution or bank. The Company has no debenture
holders.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore the question of maintenance of documents and records in
respect thereof does not arise.
13 The Company is not a chit fund, nidhi, mutual benefit or a society.
Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s
Report) Order, 2003 is not applicable to the Company.
14 The Company is not dealing in shares, debentures and other
investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
15 In our opinion and according to the information and explanation
given to us, the terms and conditions on which the Company has given
guarantees for loan taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
16 In our opinion, the term loans taken during the year have been
applied for the purpose for which the loans were taken.
17 According to the information and explanations given to us and an
overall examination of the Balance Sheet and cash flow statement of the
company, we report that no funds raised on short-term basis have been
used for long term investments.
18 During the year, the Company has not made any preferential allotment
of shares to parties and Companies covered in the Register maintained
under section 301 of the Companies Act, 1956.
19 The Company has not issued or raised money through debentures.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For ANUJ GARG & CO.,
Chartered Accountants
FRN-03473N
Place : New Delhi C.A ANUJ GARG
Date : 31.05.2014 Proprietor
Membership No. 082422
Mar 31, 2013
We have audited the accompanying financial statements of SEASONS
FURNISHINGS LIMITED, which comprise the Balance Sheet as at March 31,
2013, 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 is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 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.
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 andperform 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 ofmaterial 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 reasonable basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, 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.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 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.
ANNEXURE TO THE AUDITOR''S REPORT
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH 2013 OF SEASONS FURNISHINGS LIMITED
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As informed to us, these fixed assets have been physically verified
by the Management during the year. In our opinion the frequency of
verification is reasonable having regard to the size of the operations
of the Company. According to the information & explanations given to
us, no material discrepancies were noticed on such physical
verification.
(c) The Company has not disposed off substantial part of fixed assets
during the year and the going concern status of the Company is not
affected.
2 (a) Physical verification of inventory has been conducted by the
management during the year and, in our opinion, the frequency of
verification is reasonable having regard to the size of the operations
of the Company
(b) According to the information and explanations given to us, the
procedure of physical verification of inventory followed by the
Management, in our opinion, are reasonable and adequate in relation to
the size of the Company and nature of its business..
(c) In our opinion, the Company is maintaining proper records of
inventories and no material discrepancies have been noticed on physical
verification of inventories as compared to the book records.
3 (a) The Company has not granted any loan secured or unsecured to
companies / firms or other parties covered in the register maintained
u/s 301 of the Companies Act, 1956 during the year. Consequently,
clauses (iii) (b), (iii) (c) and (iii) (d) of the Order are not
applicable.
(b) The Company has taken unsecured loans, from companies, firms or
other parties listed in the Register maintained under section 301 of
the Companies Act, 1956. The number of parties from whom loans are
taken are 1 and the balance outstanding at year end was Rs. 10,16,480/-
(c) The rate of interest and other terms and conditions of loans taken
are prima- facie not prejudicial to the interest of the Company.
(d) The payment of principle amount and interest are regular.
4 In our opinion and according to the information and explanation given
to us, there are adequate internal control procedures, commensurate
with the size of the Company and the nature of its business for
purchase of inventory and fixed assets and for sale of goods. During
the course of Audit we have not observed any continuing failure to
correct major weaknesses in internal controls.
5 (a) According to the information and explanation given to us, we are
of the opinion that the transactions that needs to be entered into the
Register maintained under section 301 have been so entered.
(b) According to the information and explanations given to us, the
transactions referred to under sub clause (a) above which exceed Rs.
5,00,000/ - in each case have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6 The Company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA of the Act and therules framed there
under.
7 In our opinion, the Company has an internal audit system which, in
our opinion, is commensurate with its size and nature of its business.
8 The Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9 (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Customs Duty,
Service Tax, Cess if any and other material statutory dues applicable
to it.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of Income Tax, Sales Tax, Customs
Duty, Service Tax and Cess were in arrears, as at 31st March, 2013 for
a period of more than six months from the date they became payable.
(c) According to the records of company, there are no dues outstanding
of Sales tax, Income tax, Customs duty, Service Tax or Cess on account
of any dispute amounts payable.
10 The Company has no accumulated losses as at 31st March, 2013. The
Company has incurred cash losses in the financial year and no cash
losses has been incurred in the immediately preceding financialyear.
11 In our opinion and according to the information and explanations
given to us, the Company has generally not defaulted in repayment of
dues to a financial institution or bank. The Company has no debenture
holders.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore the question of maintenance of documents and records in
respect thereof does not arise.
13 The Company is not a chit fund, nidhi, mutual benefit or a society.
Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s
Report) Order, 2003 is not applicable to the Company.
14 The Company is not dealing in shares, debentures and other
investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
15 In our opinion and according to the information and explanation
given to us,, the terms and conditions on which the Company has given
guarantees for loan taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
16 In our opinion, the term loans taken during the year have been
applied for the purpose for which the loans were taken.
17 According to the information and explanations given to us and an
overall examination of the Balance Sheet and cash flow statement of the
company, we report that no funds raised on short-term basis have been
used for long term investments.
18 During the year, the Company has made preferential allotment of
shares to parties covered in the Register maintained under section 301
of the Companies Act, 1956.The price at which the shares are issued by
the Company is not prejudicial to the interest of the Company.
19 The Company has not issued or raised money through debentures.
20 The Company has not raised any money by way of public issue during
the year.
21 In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For ANUJ GARG & CO.,
Chartered Accountants
FRN-03473N
Place : New Delhi C.A ANUJ GARG
Date :21.05.2013 Proprietor
Membership No. 082422
Mar 31, 2010
1. We have audited the attached Balance Sheet of SEASONS FURNISHINGS
LIMITED as at 31st March, 2010, the Profit and Loss Account and also
the cash flow statement for the year ended on that date annexed
thereto. We also state that these financial statements are the
responsibility of the Companys management and our responsibility is to
express an opinion on these financial statements based on our audit.
2. As far as the scope and basis of our opinion, we state that we have
conducted our audit in accordance with auditing standards generally
accepted in India and obtained reasonable assurance about whether the
financial statements are free of material misstatements. Our audit
includes, wherever necessary, examining on a test basis, the evidence
supporting the amounts and disclosures in the financial statements and
also including assessing adherence to the accounting principles and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further our comments on the Annexures referred to 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 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 appears from our examination of
books;
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) The Balance sheet, profit and loss account and the 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, 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.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(iii) In the case of 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) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
according to a programme of periodic verification in a phased manner
which in our opinion is reasonable having regard to the size of the
company and nature of fixed assets. No material discrepancies were
noticed on such verification.
(c) The Company has not disposed off substantial part of the fixed
assets during the current year.
2 (a) The inventory have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been dealt with in the
books of account.
3 The Company has neither granted nor taken any loans to and from
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4 In our opinion and according to the information and explanations
given to us, there is generally adequate internal control procedures
commensurate with the size of the Company and nature of its business,
for the purchase of inventory and fixed assets and with regard to the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5 (a) According to the information and explanation given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 have been so entered.
(b) According to the information and explanations given to us, the
transactions referred to under sub clause (a) above which exceed RS
5,00,000/- in each case have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6 In our opinion and according to the information and explanations
given to us, the provisions of section 58A and 58AA of the Companies
Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 with
regard to the deposits are not applicable to this company. We are
informed that no order has been passed by the Company Law Board in this
regard.
7 In our opinion, the Company has an internal audit system which, in
our opinion, is commensurate with its size and nature of its business.
The Maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956.
9 (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Customs Duty,
Service Tax, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of Income Tax, Fringe Benefits
Tax, Sales Tax, Customs Duty, Service Tax and Cess were in arrears, as
at 31st March, 2010 for a period of more than six months from the date
they became payable.
(c) According to the records of company, there are no dues outstanding
of Sales tax, Income tax, Fringe Benefits Tax, Customs duty, Service
Tax or Cess on account of any dispute except as mentioned below. The
company has informed that it has deposited the disputed dues in respect
to assessment u/s 158BC of the Income Tax Act,1961 as per detail
below:-
Name of Nature Amount Period to which Forum where
the of dues (RS) the amount dispute is
statute relates pending
Income Tax Demand 10,53,405/- 01-04-95 to I.T.A.T, Delhi
Act, 1961 U/s 158 BC (Deposited) 01-11-01
10 The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses during the year and in the
immediately preceding year.
11 In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution or bank. The Company has no debenture holders.
12 The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities
and therefore the question of maintenance of documents and records in
respect thereof does not arise.
13 In our opinion, the Company is not a chit fund, nidhi, mutual
benefit or a society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14 In our opinion the Company is not dealing in shares, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
15 In our opinion, the terms and conditions on which the Company has
given guarantees for loan taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
16 In our opinion, there are no term loans applied during the year.
17 According to the information and explanations given to us and an
overall examination of the Balance Sheet of the company we report that
no funds raised on short-term basis have been used for long term
investments. No long-term funds have been used to finance short-term
asset except permanent working capital.
18 In our opinion, the Company has not made any preferential allotment
of shares to parties and Companies covered in the Register maintained
under section 301 of the Companies Act, 1956.
19 The Company has not issued or raised money through debentures.
20 The Company has not raised any money by public issue during the
year.
21 According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
FOR K.L.DATTA & CO.
CHARTERED ACCOUNTANTS
Place: New Delhi (V.K.DATTA)
Date:29th May, 2010 PARTNER
Membership No.400-70466
Firm Regn. No: 001127C
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