Mar 31, 2014
1. We have audited the accompanying financial statements of M/s Supra
Trends Limited ("the Company") which comprise the Balance sheet as at
March 31, 2014, the Statement of Profit and Loss account and the Cash
Flow Statement for the year ended, and the summary of significant
accounting policies and other explanatory information.
Management''s responsibility for the Financial Statements:
2. The company''s 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 of India ("the Act")
read with the general circular No.15/2013 of Ministry of Corporate
Affairs in respect of section 133 of 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:
3. 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.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion:
6. 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:
7. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(together the ''Order''), issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 (''the Act''), since
in our opinion and according to the information and explanations given
to us, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
8. 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 of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash flow statement comply with the Accounting Standards notified under
the Act read with the General Circular No. 15/2013 of the Ministry of
Corporate Affairs in respect of section 133 of the companies Act,2013;
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 7 of the Auditor''s Report of even date to the
members of Supra Trends Limited on the Financial Statements as of and
for the year ended March 31, 2014.We report that :
I. According to the explanation given by the management, Company is not
having any fixed assets; hence this clause is not applicable to the
company.
II. The Company is dealing with financial services; accordingly, it
does not hold any physical inventories. Thus, paragraph 4(ii) of the
Order is not applicable.
III. The Company has neither granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 301 of the Act. Therefore, the provisions of
Clause 4(iii)[(b), (c) and (d)/(f) and (g)] of the said order are not
applicable to the company.
IV. In our opinion, and according to the information and explanation
given to us, there is an adequate control system commensurate with the
size of the company and the nature of its business with regards to
purchase of fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
V. (a) According to the information and explanation given to us, there
have been no contracts or arrangements that need to be entered in the
register maintained under Section 301 of the act.
(b) In our opinion, and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangement exceeding the value of Rupees Five Lakhs in
respect of any party during the year.
VI. The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Act and the rules framed
there under.
VII. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
VIII. The Central Government of India has not prescribed the
maintenance of cost records under clause (d) of sub-section (1) of
Section 209 of the Act for any of the services provided by the company.
IX. (a) According to the information and explanations given to us and
the records of the company examined by us, in our
opinion, the company is generally regular in depositing undisputed
statutory dues including provident fund, employee''s state insurance,
income-tax, Sales-tax, wealth tax, service tax, custom duty, and other
material statutory dues, as applicable, with the appropriate
authorities. There are no undisputed amounts payable in respect of such
applicable statutory dues as at March 31, 2014 for a period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues of income-tax,
sales-tax, wealth tax, service-tax, customs duty, and excise duty which
have not been deposited on account of any dispute.
X. The Company has accumulated losses as at the end of the financial
year is more than fifty percent of its Net worth. It has incurred cash
losses in the financial year ended on that date.
XI. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
XII. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Therefore, the provisions of Clause 4(xii) of the Order are not
applicable to the Company.
XIII. As the provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company, the provisions of Clause 4(xii) of the Companies (Auditor''s
Report) Order 2003 as amended by the Companies (Auditor''s Report)
(Amendment) Order, 2004 are not applicable to the Company.
XIV. In our opinion, the Company has maintained proper records of
transactions and contracts, In respect of trading in shares,
securities, debentures and other investments and timely entries have
been made therein. All shares, debentures and other investment have
been held by the Company in its own name.
XV. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions.
XVI. The Company has not raise any term loans. Accordingly, the
provisions of Clause 4(xvi) of the Order are not applicable to the
Company.
XVII. According to the cash flow statement and other records examined
by us and the information and explanation given to us and on an overall
examination of the balance sheet of the Company, we report that the no
funds raised on short term basis have been used for long-term
investment.
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 during the year. Accordingly, the provisions of Clause
4(xviii) of the Order are not applicable to the Company.
XIX. The Company has not issued any debentures during the year and does
not have any debentures outstanding as at the beginning of the year and
at the year end. Accordingly the provisions of Clause 4(xix) of the
Order are not applicable to the Company.
XX. The Company has not raised any money by public issues during the
year. The Management has disclosed the end use of monies during the
year, out of public issue raise in the earlier year.
XXI. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing 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 any such case by the Management.
For P S Nagaraju& Co.,
(Firm Reg. No: 011447S)
Chartered Accountants
Sd/-
P.S.Nagaraju
Partner
Member Ship No: 210268
Hyderabad, 30th May 2014
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