I have audited the accompanying standalone financial statements of M/s.
KREON FINNANCIAL SERVICES LTD ("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 information.
MANAGEMENT'S RESPONSIBILITY FORTHE STANDALONE 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 standalone 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 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
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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 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
My responsibility is to express an opinion on these standalone
financial statements based on my audit.
I 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.
I conducted my audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that I 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 the 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 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. 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 statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion on the standalone
financial statements.
OPINION
In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid standalone 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 31st March, 2015, and its profit/loss and its cash flows for the year
ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by Section 143 (3) of the Act, I report that:
(a) I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purposes of my audit.
(b) In my opinion, proper books of account as required by law have been
kept by the Company so far as it appears from my 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 my opinion, the aforesaid standalone 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.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE REFERRED TO IN PARAGARAPH REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF OUR REPORT OF EVEN DATE RE: M/s. KREON FINNANCIAL
SERVICES LIMITED
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details & situation of fixed assets.
(b) The company has physically verified certain assets during the year
in accordance with a programme of verification, which in my opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information & explanation given to me no
material discrepancies were noticed on such verification.
2. In respect of its inventories:
There are no inventories in the Company during the year.
3. In my opinion, the Company has not granted any loan, secured or
unsecured to companies firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
4. In my opinion and according to the information and explanation
given to me, there are adequate Internal control procedures
commensurate with the size of the company and nature of its business.
5. The company has not accepted any deposits from the public during
the period under review.
6. I have been informed by the management that the Central Government
has not prescribed maintenance of cost records by the Company.
7. In Respect of Statutory Dues:
a. The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the
yearend 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 reportable dues or disputes under the relevant clause.
c. According to the information and explanations given to us, there are
no amounts 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.
8. At the end of the accounting year, the accumulated loss of the
company is not less than fifty percent of its net worth. The company
has made cash profit during the period covered by our audit and also in
the immediately preceding financial period.
9. Based on ouraudit procedures and on the information and
explanations given by management, we are of the opinion that the
company has not defaulted in repayment of the dues to financial
institutions or bank or debenture holders.
10. According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from
bankorfinancial institutions.
11. The company has not received any new term loan during the year
under review.
12. According to the information and explanation given to me, no fraud
on or by the company has been noticed or reported during the year.
FOR K SUBRAMANYAM & Co.,
Chartered Accountants.,
Sd/-
K Subramanyam
Proprietor
Place: Chennai MemberShipNo. 023663
Dated: 30|05|2015 Firm Re9n-No- 004146S
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