| We have audited the accompanying financial statements of CAPMAN
FINANCIALS LIMITED, which comprise the Balance Sheet as at March
31,2014, the Statement of Profit and Loss and the Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
MANAGEMENTS 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 the cash flows of the company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the general circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give 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 auditor's judgement, including the
assessment of 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 the 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 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
ii) In the case of the Statement of Profit and Loss, of the profit of
the company for the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 issued
by the Central Government in terms of Section 227(4A) 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 the 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 this report are in agreement with the books
of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 (the Act) read with the general
circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the Companies Act, 2013
(e) On the basis of the written representations received from the
directors as on March 31,2014 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to the Independent Auditors' Report
(As referred to in paragraph 3 of our report of even date)
1) In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information,
b) The fixed assets were physically verified during the year by the
management at regular interval considering the size of the Company and
nature of assets. According to the information and explanation given to
us, no material discrepancies have been noticed on such verification.
c) No disposal of a substantial part of fixed assets of the Company has
taken place during the year.
2) The company does not have inventory, accordingly Paragraph 4 (ii) is
not applicable to the company..
3) a) According to the information and explanation given to us, the
Company has not given any loans secured or unsecured, to companies,
firms and other parties covered in the register maintained U/ S 301 of
the Companies Act, 1956
b) According to the information and explanation given to us, the
Company has not taken any loan secured or unsecured, from companies,
firms and other parties covered in the register maintained U/S 301 of
the Companies Act, 1956.
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, for fixed
assets and for the sale of goods and services. During the course of our
audit no major weakness has been noticed in the internal control system
in respect of these areas. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system of the company
5) According to the information and explanation given to us, the
company has not entered in any transactions covered U/S 301 of the
Companies Act, 1956, accordingly Paragraph 4 (v) is not applicable to
the company.
6) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits during the year
from the public within the meaning of section 58A and 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposit) Rules, 1975.
7) In our opinion, the Company has Internal Audit System commensurate
with the size and nature of its business.
8) The Central Government has not prescribed the maintenance of cost
record under Section 209(1) (d) of the Companies Act, 1956 for the
business carried out by the Company. Accordingly, paragraph 4(viii) of
the Order is not applicable.
9) According to the information and explanation given to us the Company
has delayed in depositing undisputed statutory dues including Income
Tax, TDS, Profession Tax and other statutory dues with the appropriate
authorities.
10) 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.
11) The Company has not defaulted in repayment of dues to any financial
institution or bank.
12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures or other securities
13) We are informed that the provisions of any special statute
applicable to Chit Fund, Nidhi funds, or Mutual Benefit Fund/Society do
not apply to the company.
14) According to the information and explanation given to us, the
company has had no dealing or trading in shares, securities, debentures
and other investments.
15) According to the information and explanation given to us, the
company has not given any guarantees for loans taken by others from
Banks or other Financial Institutions, accordingly Paragraph 4 (xv) is
not applicable to the company.
16) According to the information and explanation given to us, the
company has not taken any Term Loans; accordingly Paragraph 4 (xvi) is
not applicable to the company.
17) According to the information and explanation given to us, there are
no funds raised by the company, accordingly Paragraph 4 (xvii) is not
applicable to the company.
18) According to the information and explanation given to us the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of The
Companies Act, 1956. Accordingly Paragraph 4 (xviii) is not applicable
to the company.
19) The Company did not have any outstanding debenture during the year.
Accordingly, paragraph 4(xix) of the Order is not applicable.
20) The Company has not raised any money by public issues during the
year. Accordingly, paragraph 4(xx) of the Order is not applicable.
21) To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the Company
was noticed or reported during the course of our audit.
For PANKAJ P. SANGHAVI & CO.
Chartered Accountants
Firm Reg. No. 107356W
(Ankit P. Sanghavi)
Partner
Mumbai: May 30, 2014 M.No.131353 |