| We have audited the accompanying financial statements of Kapil Cotex
Limited, (The Company) which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss for the year ended, and a
summary 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 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 Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, 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 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 there under.
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 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 true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the company has in place an adequate financial controls system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, 2015;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date;
(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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order, to the extent applicable.
2. As required by section 143 (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,
comply with the Accounting Standards specified under Section 133 of
Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
Rules,2014.
(e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The annexure referred to in our Independent Auditors report to the
members of the Company on the financial statement for the Year ended on
31st March,2015,We report that:- (i)In Respect of Fixed Assets:
1. The company has maintained proper records showing full particulars,
including quantitative details and Situation of the fixed assets.
2. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
were noticed on such verification.
(ii) In Respect of Stock:
The Company does not have any physical inventories in hand, so the
paragraph 2 of the Order is not applicable.
(iii) In Respect of loans secured or unsecured, according to the
information and explanation given to us, the company has not granted
any secured or unsecured loans to companies, Firms, and other parties
listed in the register. Consequently the requirement of clauses (iii)
(a) to (iii) (b) of the paragraph 3 of the order not applicable.
(iv) In our opinion and explanation given to us, there is generally
adequate internal control procedure commensurate with the size of the
company and the nature of its business, and for the purchase of stock,
securities and for the sale of goods/services. We have not observed any
major weakness in the internal control system during the course of the
audit.
(v) In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
within the meaning of section 73 to 76 of the Act & directives issued
by the Reserve Bank of India.
(vi) The central Government has not prescribed the maintenance of cost
records under section 148 (1) of the Act for any services rendered by
the Company.
(vii) a) The company is regular in depositing of undisputed statutory
dues. As informed to us there is no arrears of outstanding statutory
dues as at the last day of the financial year concerned for the period
of more than six months from the date they become payable. Further it
is explained to us Provident Fund, Investor Education and Protection
Fund, Employee's State Insurance, Sales tax, Wealth tax, Custom Duty,
Excise Duty, cess are not applicable to the company during the year.
b) According to the information & explanation given to us, there are no
material dues of Income Tax, Vat tax, wealth tax, duty of customs which
have not been deposited with the appropriate authorities on account of
any dispute.
c) There is no overdue balance of the amount, which is 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.
(viii) The company does not have accumulated losses at the end of the
financial year; The Company has not incurred cash losses in the current
as well as in the immediately preceding financial year.
(ix) The company did not have any outstanding dues to financial
institution, Banks or debenture holders during the year.
(x) According to information and explanations given to us, the company
has not given guarantee for loans taken by others from banks or
financial institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) During the course of our examination of the books of account and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanation given to us, we have neither come across any instance
of material fraud on or by the company, noticed or reported during the
year, nor have we been informed of such case by the management.
For G S Toshniwal & Associates
(Chartered Accountants)
Firm Reg No. : - 116867W
(CA GAURI SHANKER TOSHNIWAL)
Place : Mumbai Proprietor
Date :31.05.2015 M.No. 091594 |