We have audited the accompanying financial statements of KABRA
COMMERCIAL LTD. ("the Company"), which comprise the Balance Sheet as at
31st March 2015, the Statement of Profit and Loss and 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 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 maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting 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 adequate internal financial controls, 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.
Auditors' 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
thereunder.
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 the 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 a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the 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, of the state of affairs of the Company as
at 31st March, 2015, and its 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 Act, we give in the Annexure a
statement on the matters specified in paragraph 3 and 4 of the said
order.
2. 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
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 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 by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015, from being appointed as a director in terms of Section 164 (2) of
the Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Auditors) Rules,
2015, in our opinion and to the best of our information and according
to the explanations given to us :
(i) The pending litigations does not have any impact on financial
position of the Company.
(ii) The Company does not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in our Report of even date)
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state as under :
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals carried out the physical
verification of these fixed assets 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 verification.
(ii) (a) The stock of traded goods have been verified during the year
by the management at regular intervals. In our opinion, the frequency
and procedure of the physical verification of inventories is reasonable
and adequate having regard to the size of the Company and nature of its
business.
(b) In our opinion, the Company is maintaining proper records of
inventory and no discrepancies were noticed on physical verification.
(iii) The Company has not granted any unsecured loan to Companies,
firms or parties covered in the register maintained under section 189
of the Companies Act, 2013.
(iv) In our opinion and as explained to us, there is an adequate
internal control system 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 and services. During the course of our
audit, no major weakness have been noticed in the internal control
system and there is no continuing failure for the same.
(v) The Company has not accepted any deposits from public.
(vi) The Central Government has not prescribed the maintenance of cost
records under Section 148 of the Companies Act, 2013.
(vii) (a) According to the information and explanation given to us and
the records as produced and examined by us, in our opinion, the Company
is regular in depositing with appropriate authorities the undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income-Tax,Sales-Tax, Wealth-Tax, Service Tax, Custom Duty,Excise-Duty,
Value added Tax, Cess and other statutory dues and there are no arrears
of outstanding statutory dues outstanding as at 31st March 2015, for a
period of more than six months from the date they became payable.
(b) There is no amount dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess which have not been deposited on account of any dispute,
(c) There is no amount 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 thereunder.
(viii) The company does not have any accumulated losses as on 31st
March 2015 and has not incurred any cash losses during the financial
year covered by our Audit or in the immediately preceding financial
year.
(ix) The Company has not defaulted in repayment of dues to a bank from
which the Company has obtained overdraft facility.
(x) Based on our examination of the records and documents, the Company
has not given any guarantee for loans taken by other bank or financial
institutions.
(xi) According to the information and explanations given to us, no term
loan has been raised by the Company.
(xii) As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For S. C. SONI & CO.
Chartered Accountants
Firm Regn.No.326770E
S.C. SONI
Kolkata Proprietor
30th May, 2015 M.No. 50515 |