We have audited the accompanying financial statements of Kuberkamal
Industrial Investments Limited (the company), which comprise the
balance sheet as at 31 March 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'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 and
financial performance of the company in accordance with the accounting
principles generally accepted in India, including 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 13th
September, 2013 of the Ministry of Corporate Affairs in respect 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.
Auditors' 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, but not for the
purpose of expressing an opinion on the effectiveness of the company's
internal control. 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 31 March 2014;
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.
Report on Other Legal and Regulatory Requirements
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.
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 sub-section (3C) of section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 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 TO THE INDEPENDENT AUDITORS' REPORT (REFERRED TO IN PARA
-GRAPH 1 UNDER "REPORT ON OTHER REGULATORY REQUIREMENTS" SECTION OF
OUR REPORT OF EVEN DATE)
(i) The Company does not own any fixed assets.
(ii) (a) It is reported that the inventories of shares etc., wherever
applicable have been physically verified by the management at
reasonable intervals during the year.
(b) In our opinion and according to the information and explanations
given to us the procedures of physical verification of inventories of
shares etc., wherever applicable followed by the management are
reasonable and adequate in relation to the size of company and the
nature of its business.
(c) The Company has maintained proper records of inventories of shares
etc. and as explained to us there were no material discrepancies
notified on physical verification of inventories as compared to the
book records.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loan, secured or unsecured, to Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956.Accordingly paragraph 4 (iii)(a), (b),
(c) and (d) of the Order are not applicable to the Company.
(b) According to information and explanations given to us, the Company
has not taken any loans, secured or unsecured from Companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956 during the year. Accordingly clauses (iii) (e),
(f) & (g) of paragraph 4 of the Order are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventories of shares etc; fixed
assets and also to the sale of shares etc. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) According to the information and explanations given to us, there
are no transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and hence the directives issued by the Reserve Bank of India and
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 are not applicable.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The central Govt, has not prescribed the maintenance of cost
records under section 209 of the Companies Act, 1956.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Employees' State Insurance, Income
tax, Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess
and other material statutory dues wherever applicable to it and there
were no undisputed arrears as at 31st March 2014 for a period of more
than six months from the date they become payable.
(b) According to the information and explanations given to us, there
were no disputed statutory dues including Provident Fund, Investor
Education Protection Fund, Employees' State Insurance, Income tax,
Sales-tax, Wealth tax, Custom Duty, Excise Duty, Service Tax, Cess and
other material statutory dues wherever applicable to it as at 31st
March, 2014.
(x) The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) According to information and explanations given to us, there are
no loans from financial institutions or banks and have no outstanding
debentures.
(xii) In our opinion and according to 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 nidhi, mutual benefit fund
or a society.
(xiv) The company is dealing or trading in shares, debentures etc. and
according to the information and explanations given to us, the company
has maintained proper records of transactions and contracts in respect
of such trading. All shares, debentures etc. have been held by the
company in its own name except to the extent of the exemption u/s 49 of
the Companies Act, 1956.
(xv) The company has not given any Guarantee for loans taken by others
from banks or financial institution.
(xvi) The Company has not taken any term loan during the year.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance sheet of the Company as at 31st
March 2014, we are of the opinion that no funds raised on short term
basis have been used for longterm purposes by the Company.
(xviii) According to the information and explanations given to us, 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, during the year under report.
(xix) The company has not issued any debentures, hence clause 4 (xix)
of the Companies (Auditors' Report) orders, 2003 is not applicable to
the Company.
(xx) The Company has not raised any money by public issue during the
year under report.
(xxi) To the best of knowledge and belief 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 SUNDARLAL, DESAI & KANODIA,
CHARTERED ACCOUNTANTS,
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 30th MAY, 2014 Membership Number 33978
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