We have audited the accompanying financial statements of KUBER UDYOG
LIMITED, which comprise the Balance Sheet as at 31March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
As required by the Companies (Auditor's Report) Order 2015 issued by
Government of India in terms of Section 143 (11) of the Companies Act,
2013, we enclose herewith in annexure.
Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the matters in
section134(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 fiows 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
hereunder.
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. 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 nancial 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 manners o 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 Statement of Prot and Loss, of the prot for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash fiows for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
As required by section 143(3) of the Act, we report that:
a) We have sought and 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 appears from our examination of those
books.
c) The Balance Sheet, the Statement of Prot 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 specied under Section 133 of the Act, read with
Rule 7 of the Companies(Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31March, 2015, taken on record by the Board of Directors, none of
the directors is disqualified as on 31March,2015, from being appointed
as a director in terms of Section 164(2) ofthe Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
I. The Company does not have any pending litigations which would impact
its financial position.
II. The Company did not have any long term contacts including
derivative contacts for which there were any material foreseeable
losses.
III. There were no amount which required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of KUBER UDYOG LIMITED for the year ended 31 March 2015, we
report that:
i. (a) the company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the natureofits assets.
ii. The physical verification of the inventories has been conducted at
reasonable interval by the management.
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.
The company has maintained proper records of inventory and no material
discrepancies were noticed on such physical verification and the same
have been properly dealt with in the books of accounts.
iii. (a) the company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section189 of the Companies Act, 2013('the Act').
(b) In view of our comments in (a) above no further comments are
warranted on receipt of principal amount and rate of interest on such
loan.
(c) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained undersection189 of the Act.
iv. 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 fixed assets and sale of services. The activities of the
Company do involve purchase of inventory and the sale of goods. We have
not observed any major weakness in the internal control system during
the course of the audit.
v. The Company has not accepted any deposits from the public.
vi. We are informed that maintenance of cost records has not been
prescribed by the Central Government U/s 148 of the Act.
vii. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, 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.
b) According to the information and explanations given to us, there are
no material dues of wealth tax, duty of customs and cess which have not
been deposited with the appropriate authorities on account of any
dispute.
c) No amount are required to be transferred to investor education and
protection fund in accordance with the relevance provisions of the
Companies Act, 2013 and rules made there under.
viii. In our Opinion, 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.
viii. The Company did not have any outstanding dues to financial
institutions, banks or Debentureholders during the year.
ix. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
x. The Company did not have any term loans outstanding during the
year.
Xi. According to the information and explanations given to us,no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
Xii. As required by the Non Banking Financial Companies Auditors Report
(Reserve Bank) Direction, 1988. we further state that we have
submitted a report to the board of directors of the company containing
a statement of the matters as specified in the said direction to the
extent applicable namely the following:
(a) The Company was incorporated on 25th November,1982 and has been
granted registration certificate No. 05.00630 dated 4th March, 1998 as
provided in 45IA of the Reserve Bank of India.
(b) The Company has not accepted any Public Deposits during the year
under reference.
(c) The Company is engaged in the business of Non Banking Financial
Institution in the year under reference requiring it to hold
certificate of registration under Section 45IA of the RBI Act, 1934.
For, Arpan Chudgar & Associates
Chartered Accountants
FRN: 133877W
(CA. ArpanChudgar)
Proprietor
M. No. 131876
Place:Mumbai
Date: 30.05.2015
|