| We have audited the accompanying financial statements of M/s. CYBELE
INDUSTRIES LTD which comprise the balance sheet as at 31.03.2015, the
statement of profit and loss, and the cash flow statement for the year
then ended and summery of significant accounting policies and other
explanatory information.
Management's Responsibility for the 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 and presentation 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 principles generally accepted in India including the
accounting standards specified under section 133 of the act read with
rules 7 of the companies (Accts) Rules 2014. This responsibilities also
includes maintenance of adequate accounting records in accordance with
the provisions of the act for safeguarding the assets of the company
and for preventing and deducting frauds and other irregularities,
selection and applications 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 operation effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statement that give a true and fair view
and are free from material miss statement, 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 have taken in to account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report and the
provisions of the act and the rules made there under.
We conduct 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 requirement and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material miss statement
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor's judgments, including the assessment of
the risks of materials 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 true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose expressing an onion on whether
the company has in place an adequate internal financial control system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting polices 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 audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information's and according to
the explanations given to us, the aforesaid financial statements, give
the information's required by the act in the manor 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 31.03.2015 and its profit and its cash flows for the year ended on
that date.
Report on other legal and regulatory Requirements
1) As required by the companies (Auditors report) orders 2015 (the
order) issued by the central government of India in terms of sub
sec(11) of section 143 of the act, We give in the annexure a statement
on the matters specified in the paragraph 3 and 4 of the order, to the
extent applicable.
2) As required by section 143 (3) of the act we report that.
a) we have short and obtained all the information's and explanations
which to the best of our Knowledge and believes were necessary for the
purposes of our audit
b) In our opinion proper books of accounts as required by law have been
kept by the company so far as its appears from our examination of those
books.
c) The balance sheet, the 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 aforesaid 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 for written representations received from the directors
as on 31.03.2015 taken on record by the Board of Directors, none of the
directors is disqualified as on 31.03.2015 from being
Annexure to the Auditor's Report
The annexure referred to in Para 1 under the heading of "Report on
other Legal and Regulatory Requirements" of our report to the members
of the Company for the year ended 31st March, 2015.
1) a) The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
b) The assets have been physically verified by the management at the
end of financial year, which in ou8r opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2) a) The inventories have been physically
verified during the year by the management. In our opinion, the
frequency of verification is reasonable.
Appointed as a director in terms of section 164 (2) of the act and
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)
rule 2014, in our opinion and to the best of our information's and
according to the explanations given to us:
i) the companies does not have any pending litigations which would
impact its financial position
ii) the company did not have any long term contract including
derivatives contracts for which there were any material foreseeable
losses
iii) No amount is required to be transferred to the investor education
and protection fund by the company
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no materials discrepancies noticed on
physical verification of inventories as compared to the book records.
3) a) During the year, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5) The company has not accepted Deposits form Directors and Inter
Corporate. In our opinion and according to information and explanations
given to us, all the directives issued by the Reserve Bank of India and
provisions of Section 73 to 76 or any other relevant provisions of the
Companies Act 2013, and the rules framed there under where applicable
were complied with. Further, we are informed y the management that no
order has been passed by the Companies Law Board or National Company
Law Tribunal or RBI or any court or any Other Tribunal on the Company.
6) We have broadly reviewed the cost records maintained by the Company specified by the Central Government under sub Section (1) of section 148
of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have
however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7) a) According to the information and explanation given to us and on the
basis of our examination of the records of the company, amount deducted/
accrued in the books of accounts in respect of undisputed Statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Value Added Tax, Excise Duty,
Cess and other material Statutory dues applicable have been regularly
deposited with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income Tax, Wealth Tax, Service
Tax, Sales Tax, Customs Duty and Excise Duty, Value Added Tax, Cess and
other material statutory dues were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.
c) According to the information and explanation given to us no amount
is required to be transferred to the 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) The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to financial institutions and banks.
The Company does not have any borrowings by way of debentures.
10) According to the information & explanation given to us, the Company
has not given any guarantee for loans taken by others from banks and
financial institutions.
11) The loans outstanding at the beginning of the year and those raised
during the year have been applied for the purpose for which they were
raised.
12) In our Opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For M/s Karpagam & Co
Chartered Accountants
S.SRIKANTH
Date: 30.05.2015 Partner
Place: Chennai Membership No; 26588 |