We have audited the accompanying financial statements of Alna Trading
and Exports Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of 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 notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13lh
September, 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 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
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
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 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 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit 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 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 5ection 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 law have been
kept by the Company so far as appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by 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 Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 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 AUDITOR'S REPORT
Referred to in Paragraph 2 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 fixed assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the Management at the end of the year, which in our opinion
is reasonable, having regard to the size of the Company and nature of
its assets. No material discrepancies were noticed on such physical
verification.
c. Based on the information and explanations given to us and on the
basis of audit procedures performed by us, none of the significant
fixed assets have been disposed off during the year that may affect the
going concern of the Company.
2. In respect of its inventories:
As there is no opening and dosing Inventory for the year, clause (ii)
of the said Order is not applicable.
3. The Company has not granted or taken any loans, secured or
unsecured, to/from companies, firms or other parties as listed in the
register maintained under section 301 of the Companies Act, 1956,
Therefore, the provisions of clause 4(iii) of the Companies (Auditor's
Report) Order 2003 are not applicable to 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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed
any major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements, which needed to be entered into the register,
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions of purchase of goods and
materials or sale of goods, materials and services made in pursuance of
contracts or arrangements entered in the register maintained under
section 301 of the Companies Act, 1956 aggregates during the year to
Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of any party.
6. The Company has not accepted any deposits from the public.
Therefore, the directives issued by the Reserve Bank of India and the
provisions of Section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules 1975 are not applicable to the
Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Income Tax, Sales tax, Cess and other statutory dues have
been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding as at 31st March,
2014 for a period of more than six months from the date on which they
became payable.
b. According to the information and explanations given to us, there are
no disputed statutory dues that have not been deposited on account of
matters pending before appropriate authorities.
10. The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the explanations
given to us and based on the information available, Company has not
taken any loan from financial institution, Bank or from Debenture
holders, hence question of defaulting in repayment does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order 2003 are not applicable to the
Company.
14. Since Company is not dealing in shares or any other securities;
clause (xiv) of the said Report is not applicable.
15. The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16. The Company has not raised any term loan during the year.
17. According to the information and explanations given to us, the
Company has not used short term loans during the year for the long-term
purpose.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. Since Company has not raised any loans during the year; clause
regarding securities in respect of Debentures does not arise.
20. The Company made no new public issue during the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that may have a material bearing on the financial
condition of the Company.
For Rajendra & Co.
Chartered Accountants
(Firm Registration NO.108355W)
K. K. Desai
Partner
Membership No. 100805
Mumbai
Dated: 30th May 2014
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