| We have audited the accompanying standalone financial statements of
CUBICAL FINANCIAL SERVICES 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 information.
Management's Responsibility for the 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
Our responsibility is to express an opinion on these standalone
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 thereunder.
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 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. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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:-
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2015;
(ii) in the case of the statement of profit and loss, of the Loss for
the year ended on that date; and
(iii) 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, 2015',
issued by the Central Government of India in terms of sub section (11)
of section 143 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. 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
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 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 on31st 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 has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. In our opinion and as per the information and explanations
provided to us, the Company has not entered into any long-term
contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS' REPORT ON ACCOUNTS
FOR THE YEAR ENDED 31st MARCH, 2015
1. a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
2. (a) Physical verification has been conducted by the management at
reasonable intervals in respect of finished goods, stores, spare parts
and raw materials.
(b) In our opinion, 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) In our opinion the Company is maintaining proper records of
inventories. The discrepancies noticed on such verification between the
physical stocks and book records were not significant and the same have
been properly dealt with in the books of account.
3. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured
to/From Companies, firms or other Parties covered in the register
maintained under section 189 of the Companies Act
4. In our opinion there is an adequate internal control system
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
5. According to the information and explanations given to us the
company has not accepted any deposits, in terms of the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the
rules framed there under.
6. In respect of business activities of the company, maintenance of
cost records has not been specified by the Central Government under
sub-section (l) of section 148 of the Companies Act.
7. a) As per information and explanations given to us, the company is
regular in depositing undisputed statutory dues including provident
fund, employees' state insurance, income-tax, sales-tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities. There are no
outstanding statutory dues as at the last day of the financial year
under audit for a period of more than six months from the date they
became payable.
b) We According to information and explanations given to us, there are
no dues of Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues which have not been
deposited on account of any dispute.
c) In our opinion, and according to the information and explanations
given to us, 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 thereunder have been
transferred to such fund within time.
8. In our opinion the accumulated losses of the company are not more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit and also in the
immediately preceding financial year.
9. Based on our audit procedures and on the basis of information and
explanations given to us by the management, we are of the opinion that
there is no default in repayment of dues to the Financial Institutions,
banks or debenture holders as at the year end.
10. According to information and explanations given to us the Company
has not given any guarantee for loan taken by others from banks or
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
11. In our opinion term loans were applied for the purpose for which
the loans were obtained by the company.
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the course of our audit
for the year ended 31.03.2015.
For KRISHAN RAKESH & CO.
CHARTERED ACCOUNTANTS
Firm Regn No. 009088N
PLACE : NEW DELHI (K.K.GUPTA)
DATED : 28.05.2015 PARTNER
M No. 87891
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