Mar 31, 2015
We have audited the accompanying financial statements of SHRI KRISHNA
PRASADAM LIMITED which comprise the Balance Sheet as at March 31, 2015,
and the Statement of Profit and Loss 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 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 ("the Act") read with 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. 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 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, 2015;
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. 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 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) 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 and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account;
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
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, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Re: SHRI KRISHNA PRASADAM LIMITED
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has a regular programmed of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programmed, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(c) During the year, the company has not disposed off any Fixed Assets
and Going Concern Assumption is appropriated.
(ii) (a) The Inventories of the Company has been physically verified by
the management at year end. In our opinion, the frequency of the
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. No
discrepancies were noticed on such physical verification as compared to
the book records thereof.
(iii) (a) According to the information & explanation given to us, the
Company has not granted an interest free unsecured loan to a company
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(b)The company has not taken interest free unsecured loan from parties
which covered in the register maintained under Section 301 of the
Companies Act, 1956.
(c ) In our opinion and according to the information and explanation
given to us, other terms and conditions for such loans are not prima
facie prejudicial to the interest of the company.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business for awarding of
contracts for job work and purchase of Fixed Assets and for the Sale of
Goods and Services. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control system of the company.
(v) (a) According to the information and explanations provided to us by
the management, we are of the opinion that the particulars of contracts
or arrangements referred to in section 301 of the Companies Act that
need to be entered into the register maintained under section 301 have
been so entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted deposits from the public within the
meaning of Section 58A, 58AA or any other relevant provisions of the
Companies Act 1956. Hence Clause 4 (vi) of the Companies (Auditor's
Report) Order 2003 is not applicable to the Company.
(vii) The Company has an effective internal audit system.
(viii) The Company Is not required to make cost records as required to
be made under Section 148 (1) of the Companies Act, 2013
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Income tax, Sales Tax and Value Added Tax and other statutory
dues during the year with the appropriate authorities. As at 31st March
2015, there were no undisputed statutory dues outstanding for a period
of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues which have not been deposited on account of any dispute of
income tax and cess.
(x) The company has not incurred any cash loss during the financial
year. The accumulated losses of the Company at the end of the Financial
Year are not more than 50% of its net worth.
(xi) The Company has not defaulted in payment of loans taken from banks
The Company has not issued any Debentures.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund / 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.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The company has applied term loans for the purposes for which the
loans were obtained.
(xvii) According to the information and explanations given to us, on an
overall examination of the balance sheet of the company, we report that
no funds raised on short term basis have been applied for long term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act,
(xix) The Company has not issued debentures during the year.
Accordingly, no security or charge needs to be created.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and the 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 instances of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by management.
For Rishi Arora & Associates
Rishi Arora Chartered Accountant
Membership no. 501847
Firm No.027766N
Date: 30.05.2015
Place: New Delhi
Mar 31, 2014
We have audited the accompanying financial statements of SHRI KRISHNA
PRASADAM LIMITED which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss 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 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 ("the Act") read with 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. 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 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.
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 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) 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 and Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account;
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
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 of our report for the F.Y. 2013-2014
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and
situation of fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets..
(c) During the year, the company has not disposed off any Fixed Assets
and Going Concern Assumption is appropriated.
(ii) (a) The Inventories of the Company has been physically verified by
the management at year end. In our opinion, the frequency of the
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. No
discrepancies were noticed on such physical verification as compared to
the book records thereof.
(iii) (a) According to the information & explanation given to us, the
Company has not granted an interest free unsecured loan to a company
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(b)The company has not taken interest free unsecured loan from parties
which covered in the register maintained under Section 301 of the
Companies Act, 1956.
(c ) In our opinion and according to the information and explanation
given to us, other terms and conditions for such loans are not prima
facie prejudicial to the interest of the company.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business for awarding of
contracts for job work and purchase of Fixed Assets and for the Sale of
Goods and Services. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control system of the company.
(v) (a) According to the information and explanations provided to us by
the management, we are of the opinion that the particulars of contracts
or arrangements referred to in section 301 of the Companies Act that
need to be entered into the register maintained under section 301 have
been so entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted deposits from the public within the
meaning of Section 58A, 58AA or any other relevant provisions of the
Companies Act 1956. Hence Clause 4 (vi) of the Companies (Auditor''s
Report) Order 2003 is not applicable to the Company.
(vii) The Company has an effective internal audit system.
(viii) The Company Is not required to make cost records as required to
be made under Section 148 (1) of the Companies Act, 2013
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books
of account, the Company has been generally regular in depositing
undisputed statutory dues including Income tax, Sales Tax and Value
Added Tax and other statutory dues during the year with the appropriate
authorities. As at 31st March 2014, there were no undisputed statutory
dues outstanding for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there
are no dues which have not been deposited on account of any dispute of
income tax and cess.
(x) The company has not incurred any cash loss during the financial
year. The accumulated losses of the Company at the end of the Financial
Year are not more than 50% of its net worth.
(xi) The Company has not defaulted in payment of loans taken from banks
.The Company has not issued any
Debentures.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund / 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.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The company has applied term loans for the purposes for which the
loans were obtained.
(xvii) According to the information and explanations given to us, on an
overall examination of the balance sheet of the
company, we report that no funds raised on short term basis have been
applied for long term investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act,
(xix) The Company has not issued debentures during the year.
Accordingly, no security or charge needs to be created.
(xx) The Company has not raised any money by public issue during the
year.
(xxi) During the course of our examination of the books and the 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 instances of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by management.
For Rishi Arora
Chartered Accountants
Sd/-
Rishi Arora
Proprietor
M. No. 501847
Place: New Delhi
Date: 30/05/2014
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