| We have audited the accompanying financial statements of Luminaire
Technologies Limited, which comprise the Balance Sheet as at 31st March
2014, the Statement of Profit and Loss and 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 Financial Statements
The Company's Management is responsible for 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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). 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 the
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 auditors' judgment, including the
assessment of the risks of material misstatement in the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company 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 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, 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 Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors are disqualified from being appointed
as a director in terms of clause (g) of sub-section (1) of section 274
of the Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Luminaire Technologies Limited on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of its Fixed Assets. These
fixed assets were physically verified by the management during the
year. We have been informed that no material discrepancies were noticed
on such physical verification. No fixed assets have been disposed of
during the year by the Company.
2. Physical verification of inventory has been conducted during the
year by the management at reasonable intervals.
(a) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
Company and nature of its business.
(b) The Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. As the company has not
granted any loans to the parties listed in the register maintained
under section 301 of the Companies Act, 1956 paragraphs (iii) (b), (c)
and (d) are not applicable in respect of loans given.
(b) As the company has not granted any loans to the parties listed in
the register maintained under section 301 of the Companies Act, 1956,
this clause is not applicable to the Company.
(c) According to the information and explanation given to us, the
company has taken loan from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act, 1956
and it was reported that the amount is payable as and when demanded.
The amount taken on loan from Vandana Cloth Center Pvt. Ltd is Rs.
11,500,000/-. Maximum amount outstanding during the year was Rs.
11,500,000/-. No interest was provided on that loan. The terms and
conditions of such loan is not prejudicial to the interest of the
company.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods.
5. (a) In our opinion and according to the information and
explanations given to us, transactions that need to be entered into a
Register in pursuance of Section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions exceeding Rupees five lakhs each have
been made at prices, which are reasonable having regard to prevailing
market prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The Company has no liability towards payment of any provident fund,
ESIC, Excise duty, Sales tax or any other Government dues.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the 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.
11. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
12. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
13. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
14. The funds raised on short-term basis have not been used for long
term investment. The Company has not raised any funds during the year
on long-term basis.
15. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
16. The Company has no outstanding debentures during the period under
audit.
17. The Company has not raised any money by public issue during the
year.
18. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
financial year.
For D K Chhajer & Co.,
Chartered Accountants
FRN o.: 304138E
Niraj K Jhunjhunwala
Place: Mumbai Partner
Date: 5th September, 2014 M No.: 057170 | 