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Nakoda
BSE: 521030|NSE: NAKODA|ISIN: INE559B01023|SECTOR: Textiles - Processing
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« Dec 11
Auditor's Report (Nakoda) Year End : Dec '12
1.  We have audited the attached Balance Sheet of NAKODA LIMITED as at
 31st December, 2012 and also the Profit and Loss account and Cash Flow
 Statement of the Company for the year ended on that date annexed
 thereto. These financial statements are the responsibilities of the
 Company's management. Our responsibility is to express an opinion on
 these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis forour opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub- section (4A) of section 227 of the CompaniesAct, 1956, we enclose in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Furtherto ourcomments in theAnnexure referred to in paragraph 3 above, We report that:

(I) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of ouraudit;

(II) 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;

(III) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(IV) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this reort comply with the accounting standards referred to in Section 211 (3C) of the CompaniesAct, 1956;

(V) On the basis of written representations received from the Directors of the Company as on 31st December, 2012 and taken on record by the Board of Directors, we report that none of the Director of the Company is disqualified as on 31st December, 2012 from being appointed as a Director of the Company under clause (g) of sub section (1) of section 274 of the CompaniesAct, 1956;

(VI) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with theAccounting Principles GenerallyAccepted in India;

(a) In the case of Balance Sheet, of the state of affairs of the Company as at 31stDecember, 2012;

(b) In the case of the Profit and Loss account, of the Profit of the company for the year ended on that date;

And

(C) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS' REPORT (Referred to in Paragraph 3 of our report of evendate)

1. (a) The company has maintained proper records showing full particulars including quantative details and situation of fixed assets on the basis of available information.

(b) As explained to us, the fixed assets have been physically verified by the management during the year in phased periodical manner, which in our opinion is reasonable, having regard to the size of company and nature of its assets. No material discrepancies were noticed on such physical verification.

(c) In our opinion, the company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

2. (a) As explained to us, inventories have been physically verified during the year by the management at regular intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The company has maintained proper records of inventories. As explained to us there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

3. The company has neither granted nor taken any loans secured or unsecured to/from the companies/firms or parties covered in the register maintained Under Section 301 of the companies act 1956.

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. (a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that needed to be entered in the Register maintained under the said Section have been so entered.

(b) In our opinion and according to the information and explanations made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time

6. The company has not accepted any deposit from the public.

7. In ouropinion, the internal audit system of the company is commensurate with the size and nature of its business.

8. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the said records with a view to determine whether they are accurate orcomplete.

9. (a) According to the records of the company undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Excise and Custom, Wealth Tax, Estate Duty have been generally regularly deposited with the appropriate authorities.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st December 2012 for the period of more than six months for the date of becoming payable.

(c) According to records of the company, following disputed statutory dues have not been deposited with appropriate authorities.

(Rs. In Lacs)

Sr. No Name of Statute Nature of the dues Forum where dispute is pending Amount

1 Central Excise Act 1944 Excise Duty CEGATE and Commissioner of Excise 24.18

10. The company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bankordebenture holders.

12. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances 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 (as amended) are not applicable to the Company.

14. In respect of dealing/trading in securities, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The securities have been held by the Company in its own name.

15. According to the information and explanations given to us, the company has given guarantees for loans taken by others from bank or financial institutions and we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of the Company.

16. According to information and explanations given to us and based on the documents and records produced to us, the company has applied the term loans forthe purpose for which the loan were obtained.

17. According to the information and explanations given to us and an overall examination of the Balance Sheet and Cash Flow Statement of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. The company has not made preferential allotment of shares during the year to parties or companies covered in the register maintained undersection 301 of the CompaniesAct, 1956

19. The company has not issued any debenture.

20. The company has raised Rs.26.40 Crore through promoter's Group of Company's and strategic investors.

21. Based upon the audit procedures performed forthe purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no material fraud on or by the Company has been noticed or reported during the course of ouraudit.

FOR N. M. SINGAPURI & CO.

Chartered Accountants

N. M. SINGAPURI

Partner

Place : Surat Membership No. 11601

Date :27.02.2013 Registration No. 110264W

Source : Dion Global Solutions Limited
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