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कोवालम इंवेस्टमेंट एंड ट्रेडिंग

बीएसई: 505585  |  NSE: N.A  |  ISIN:  |  Finance - Investments

खोजें कोवालम इंवेस्टमेंट एंड ट्रेडिंग कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of M/s Kovalam
 Investment and Trading Company Limited, Ludhiana (the Company), which
 comprise the Balance Sheet as at March 31, 2014, and 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
 
 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 13.09.2013 of the
 Ministry of Corporate Affairs in respect of section 133 of the
 Companies Act, 2013. This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation and fair presentation of the financial statements that 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 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 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 judgement, including the assessment of
 the risks, 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 entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, we 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 confirmity with the accounting principles generally accepted in
 India;
 
 (a) in the case of the Balance Sheet, of the state of affiars of the
 Company as at March 31, 2014;
 
 (b) in the case of the Profit and Loss Account, of the profit/loss 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 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, 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 notified
 under the Companies Act, 1956 read with the General Circular 15/2013
 dated 13.09.2013 of the Ministry of Corporate Affairs in respect of
 section 233 of the Companies Act, 2013.
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2014, and 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 clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 (Referred to in paragraph (1) UNDER THE HEADING OF Reporting on Other
 Legal and Regulatory Requirements of our report of even date]
 
 (i) a) The Company has maintained proper records showing full
 particular including quantitative details and situation of the fixed
 assets.
 
 b) According to the information and explanation given to us, the
 Company had only Land & Building as its fixed assets the same were
 physically verified by the management during the year.
 
 c) During the year, the company has disposed off all its fixed assets
 and the going concern status of the company is not affected as the
 company is primarily in investment business.
 
 (ii) The Company does not have any inventories. Hence Clauses 4(11)
 (a), (b) and (c) are not applicable to the Company.
 
 (iii) a) The Company has granted loan to one party covered in the
 register maintained u/s 301 of the Companies Act, 1956. The maximum
 amount outstanding during the year was Rs.8, 16, 02,460 and yearend
 balance is Rs.8, 16, 02,460/-.
 
 b) in our opinion, the rate of interest and other terms & conditions on
 which the loans have been granted are not prima-facie prejudicial to
 the interest of the Company.
 
 c) The Loans granted are receivable on demand.
 
 d) There is no overdue amount.
 
 e) The Company has not taken any loans from the parties covered in the
 registered maintained u/s 301 of the Companies Act, 1956. Accordingly,
 the clauses 4(iii) (f) & (g) are not applicable to the Company.
 
 (iv) 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 nature of its business.
 During the course of our audit, we have not observed any major
 weaknesses in internal control.
 
 (v) a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangements
 referred to in section 301 of the Act have been entered in the register
 required to be maintained under that section; and
 
 b) In our opinion and according to the information and explanations
 given to us, no transactions have been made in pursuance of such
 contracts or arrangements during the year.
 
 (vi) The company has not accepted any deposits from public. Hence, the
 clause 4(vi) of the Order is not applicable to the company.
 
 (vii) In our opinion, the company has internal audit system
 commensurate with its size and nature of its business.
 
 (viii) The maintenance of cost records has not been prescribed by the
 Central Government for the maintenance of cost records under section
 209(1) (d) of the Companies Act, 1956. Hence clause 4(viii) of the
 Order is not applicable.
 
 (ix) a) According to the records of the company, undisputed statutory
 dues including provident fund, investor education and protection fund,
 employees'' state insurance, income tax, sales tax, wealth tax,
 service-tax, custom duty, excise duty, cess and other material
 statutory dues applicable to the company, if any, have been regularly
 deposited with appropriate authorities.
 
 According to the information and explanations given to us, undisputed
 amounts payable in respect of above dues were not in arrears, as at
 31st March, 2014 for a period of more than six months from the date
 they become payable.
 
 b) According to the information and explanation given to us, there are
 no dues of sales tax, income tax, custom duty, wealth tax, service-tax,
 excise duty and cess which have not been deposited on account of any
 disputes.
 
 (x) 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 financial year immediately preceding such financial year.
 
 (xi) The Company has not borrowed any money from banks or financial
 institutions. Hence Clause 4(xi) is not applicable.
 
 (xii) In our opinion and according to the information and explanations
 given to us, the company has not granted any loans and advances on the
 basis of security by way of pledge of shares, debentures and other
 securities. Therefore, the provisions of clause 4(xii) of the Companies
 (Auditors'' Report) Order, 2003 are not applicable to the company.
 
 (xiii) The company is not a chit fund or a nidhi mutual benefit
 fund/society.  Therefore, the provisions of clause 4(xiii) of the
 Companies (Auditors'' Report) Order, 2003 are not applicable to the
 company.
 
 (xiv) In respect of dealing/investments in shares, in our opinion and
 according to the information and explanations given to us, proper
 records have been maintained of the investments and timely entries have
 been made therein.The shares and other investments have been held by
 the company in its own name.
 
 (xv) According to the information and explanations given to us, the
 company has not given any guarantee for the loans taken by others from
 banks or financial institutions.
 
 (xvi) The Company has not taken any term loans and hence not
 applicable.
 
 (xvii) The Company has not raised any funds on short term basis.
 Accordingly, Clause 4(xvii) is not applicable to the Company.
 
 (xviii) 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. Hence clause 4(xviii) of the
 Order is not applicable.
 
 (xix) The company has not issued debentures during the year. Therefore,
 the provisions of clause 4(xix) of the Companies (Auditors'' Report)
 Order, 2003 are not applicable to the company.
 
 (xx) The company has not raised money by way of public issue during the
 year. Therefore, the provisions of clause 4(xx) of the Companies
 (Auditors'' Report) Order, 2003 are not applicable to the company.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 year.
 
                                                   For GUPTA VIGG & CO. 
                                                  Chartered Accountants 
                                                   Firm Regn.No.001393N
 
                                                                   Sd/-
                                                  (CA.VINOD KUMAR MAMA) 
                                                                PARTNER
                                                             M.N0.81585
 
 Dated: 30.05.2014 
 
 Place: LUDHIANA.
स्रोत: रेलीगरे टेचनोवा

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