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Nilkanth Engineering | Auditor's Report > Finance - Investments > Auditor's Report from Nilkanth Engineering - BSE: 512004, NSE: N.A
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Nilkanth Engineering
BSE: 512004|SECTOR: Finance - Investments
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Nilkanth Engineering is not traded in the last 30 days
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Mar 07
Auditor's Report (Nilkanth Engineering) Year End : Mar '13
Repormon the Financial Statements
 
 We hive audited the accompanying financial statements of NILKANTH
 ENGINEERING LIMITED (the Company), which comprise the Balance Sheet
 as at March 31, 2013, 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 gives a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). 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.
 
 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. These 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 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 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
 affaiR&j8ahlne*^$OT9pany as at March 31, 2013; (*(WaiV*]L_ ,,
 
 b) In the case of the Statement of Profit and Loss, of the profit for
 the year Ended on that date; and
 
 c) m the dase of the Cash Flow Statement, of the cash flows for the
 year ended that date.
 
 Reporter! 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 SecMon 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 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, 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 referred to in
 Sub- section (3C) of Section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2013, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of Section 274 of the Companies Act 1956.
 
 NILKANTH ENGINEERING LIMITED
 
 (Referred to in paragraph 4 of our report of even date)
 
 Ap.required by the Companies (Auditor''s Report) Order, 2003 issued by
 the Cfntral Government of India in terms of Section 227 (4A) of the
 Companies A^t 1956, and on the basis of such checks as we considered
 appropriate, we fukher report that:-
 
 i) (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) All assets have been physically verified by the Management during
 the year and fhere is a regular programme of verification which, in our
 opinion, is reasonable having regard to the size of the Company and the
 nature of the asset. No material discrepancies were noticed on such
 physical verification.
 
 (c)No fixed assets has been disposed of during the year.
 
 ii) The company does not hold any inventory and accordingly sub-clause
 (a), (b) and (c) of the clause (ii) of the aforesaid order, are not
 applicable.
 
 Hi) The Company has neither granted nor taken any loans secured or
 unsecured to or from companies, firms and other parties covered in the
 register maintained under Section 301 of the Companies Act, 1956, hence
 in our opinion clause (iii)(b) to (iii)(d) and (iii)(f) to (iii)(g) of
 Paragraph 4 of the Order 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 systems commensurate
 with the size of the company and the nature of its business with regard
 to the purchase of fixed assets, shares, debentures and securities and
 sale of goods & services.  During the course of our audit, no major
 weaknesses have been noticed in the internal controls system.
 
 v) Based on the audit procedures applied by us and according to the
 information
 
 and explanations provided by the management, we are of the opinion that
 there are no particulars of contracts or arrangements that need to be
 entered into the register maintained under section 301 of the Companies
 Act, 1956.  Accordingly, provisions of Paragraph 4(v) (b) of the Order
 are not applicable.
 
 vi) In our opinion and according to the information and explanations
 given to us, the company has not accepted deposits from the public to
 which provisions of Sections 58 A and 58 AA or any other relevant
 provisions of the Act and the Companies (Acceptance of Deposits) Rules,
 1975 are applicable. We are informed by the management that no order
 has been passed by the Company Law Board or National Company Law
 Tribunal or Reserve Bank of India or arty Court or any other Tribunal.
 
 vii) The Company does not have a formal internal audit system. The
 internal audit is carried out by the staff and, in our opinion, the
 internal audit system is commensurate with the size and nature of its
 business;
 
 viii) The Central Government has not prescribed the maintenance of cost
 records Sunder Section 209 of the Companies Act 1956 in case of the
 Company.
 
 ix) According to the records of the company, the company is regular in
 depositing with appropriate authorities undisputed statutory dues
 including provident fund, investor education protection fund,
 
 iv employees'' state insurance, income-tax, sales-tax, service tax,
 wealth tax, cess and other statutory dues applicable to it.
 
 b) The company is regular in depositing undisputed statutory dues with
 the appropriate authorities.  There were no undisputed amounts payable
 in respect of aforesaid statutory dues as at 31st March, 2013 for a
 period of more than six months from the date they becoming payable.
 
 c) According to the records of the company and the information and
 explanations given to us, we are of the opinion that there are no
 aforesaid statutory dues of that have not been deposited on account of
 any dispute.
 
 x) The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash loss during the financial year
 covered under report and in the immediately preceding financial year;
 
 xi) According to the records of the Company examined by us and the
 information and explanations given to us, we are of the opinion that
 the Company has not borrowed any amount from financial institution or
 banks. Hence, in our opinion, provisions of clause (xi) of Paragraph 4
 of the Order are not applicable.
 
 xii) In our opinion and according to the explanations given to us and
 based on the information available, the Company has not granted any
 loans on the basis of security by way of pledge of shares, debentures
 and other securities;
 
 xiii) The Company is not a chit fund/ nidhi/ mutual benefit
 fund/society therefore, the provisions of clause 4(xiii) of Paragraph 4
 of the said order are not applicable to the Company.
 
 xiv) Based on our examination of the records and evaluation of the
 related internal control, the Company has maintained proper records of
 the transactions and contracts in respect of dealing or trading in
 shares, securities, debentures and other investments and timely entries
 have been made therein. The aforesaid securities have been held by the
 company in its own name, except to the extent of the exemption granted
 under section 49 of the Companies Act, 1956.
 
 xv) As per the information and explanation given to us by the
 management, the Company has not given any guarantees for loans taken by
 others from any banks or financial institutions. Accordingly, the
 provisions of clause 4(xv) of Paragraph 4 of the aforesaid ''Order'' are
 not applicable to the Company.
 
 xvi) In our opinion, and according to the information and explanations
 given to us, k. the Company has not raised any new term loans from
 banks or financial ^institutions, and accordingly the requirement of
 clause (xvi) of Paragraph 4 of lithe Order are not applicable to the
 Company.
 
 W xvii) pased on our examination of books of account and according to
 the ihformation and explanations given to us, we are of the opinion
 that there are Ho funds raised on short term basis that have been used
 for long-term Investments. During the year, the Company has not raised
 funds on long term basis.
 
 xviii) As per the information and explanation given to us by the
 management the Company has not made any preferential allotment of
 shares to parties or companies covered in the register maintained under
 section 301 of the Companies Act, 1956. Accordingly, the requirement of
 Paragraph 4(xix) of the Ordjer is not applicable.
 
 xix) According to the information and explanations given to us, during
 the period covered by our audit report, the Company has not issued any
 debentures and hence in our opinion, the question of creating
 securities therefore does not arise;
 
 xx) According to the information and explanations given to us, during
 the period covered by our audit report, no public issue has been made
 by the Company during the year and requirement of this sub-clause Hi
 (xx) of the aforesaid ''Order'' is not applicable to the Company.
 
 xxi) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and to the
 best of our knowledge and belief, and according to the information and
 explanations given to us by the management, which have been relied upon
 by us, we report that no fraud on or by the company has been noticed or
 reported during the course of our audit.
 
                               For and on behalf of KARNAVAT & CO.
 
                               Chartered Accountants
 
                               ICAI Firm Regn No. 104863W
 
                              (Viral Joshi) 
 
 Mumbai - 400001               Partner
 
 Dated: 25.06.2013             Membership No. 137686
Source : Dion Global Solutions Limited
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