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S R K Industries
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« Mar 12
Auditor's Report (S R K Industries) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the attached Balance Sheet of S R K Industries Limited
 as at 31st March, 2013 and also the Profit and Loss Account and Cash
 Flow Statement of the Company for the year ended on that date annexed
 thereto and a summary of significant accounting policies and other
 explanatory information.
 
 Managements 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 of the Company in accordance with the accounting
 principles generally accepted in India including Accounting Standards
 referred to in Section 211 (3C) 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.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with auditing standards issued by the Institute of Chartered
 Accountants of 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 involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedure
 selected depends on the auditor''s judgment, including the assessment
 of the risk of material misstatement of the financial statement,
 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 basic for our audit opinion.
 
 Opinion
 
 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 the
 accounting principles generally accepted in India.
 
 i.  in the case of Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2013;
 
 ii.  in the case of Profit and Loss Account, of the Profit of the
 Company for the year ended on that date; and
 
 iii. in so far as it relates to the Cash Flow Statement, of the cash
 flows of the Company 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
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 order.
 
 (2) As required by section 227(3) of the companies Acr, 1956, 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 Account 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
 Account 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 31st March, 2013, and taken on record by the Board of Directors,
 none ofthe Directors are 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;
 
 
 Referred to in Paragraph 2 of my 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 me, the fixed assets have been physically verified
 by the management during the year in a phased periodical manner, which
 in my 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.  In my opinion, the Company has not disposed of its fixed assets
 during the year, The Company''s going concern concept was not affected
 after such disposal.
 
 2 In respect of its inventories :
 
 a.  As explained to us, inventories have been physically verified by
 the management at regular intervals during the year.
 
 b.  In my opinion and according to the information and explanations
 given to me, the procedures of physical verification of inventories
 followed by the management at reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c.  The Company has maintained proper records of inventories. As
 explained to me, there was no material discrepancies noticed on
 physical verification of inventory as compared to the book records.
 
 3 In respect of loans, secured or unsecured, taken by the Company to /
 from Companies, or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956
 
 a.  The Company has not granted any loans to other companies during the
 year.
 
 b.  Since the Company has not granted loans to other Companies, the
 question of Prima facie prejudicial rate of interest, repayment of
 Principal and interest, and overdue of loan does not arise.
 
 c.  The Company has not taken any loans from other Companies during the
 year.
 
 4 In my opinion and according to the information and explanations given
 to me, 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 my audit, I 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 my opinion and according to the information and explanations
 given to me, there are no transactions made in pursuance of contracts
 or arrangements that needed to be entered into in the register
 maintained under section 301 of the Companies Act, 1956.
 
 b.  In my opinion and according to the information and explanations
 given to me, there are no transactions in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies Act, 1956 aggregating during the year to Rs 5,00,000
 (Rupees Five lakhs Only) or more.
 
 6 The Company has not accepted any deposits from the public.
 
 7 The Company does not have a separate internal audit system. However,
 in my opinion, the existing internal Control procedures are adequate
 having regard to the size and nature of the business of the Company.
 
 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, undisputed statutory dues with regard
 to Employees'' State Insurance, the Company has not deposited
 regularly with the appropriate authorities due to the severe financial
 crisis faced by the Company.
 
 10 The Company has accumulated losses and has not incurred cash loss
 during the financial year covered by my audit and has not incurred cash
 loss in the immediately preceding financial year.
 
 11 Since the Company has not availed any loans during the year, the
 question of repayment does not arise.
 
 12 In my opinion and according to the information and explanation given
 to me, no loans and advances have been granted by the company on the
 basis of security by way of pledge of Shares and Securities.
 
 13 In my opinion, the Company is not a chit fund or a nidhi /mutual
 benefit fund / society. Therefore, clause 4(xiii) ofthe Companies
 (Auditor''s Report) Order 2003 is not applicable to the Company.
 
 14 In my opinion and according to the information and explanation given
 to me, the Company is not dealing or trading in shares, securities,
 debentures and other investments.
 
 15 In my opinion and according to the information and explanation given
 to me, the Company has not given any guarantees for loans taken by
 others from banks or financial institutions.
 
 16 The Company has not raised any new term loans during the year.
 
 17 The Company has not used the short term loans for long term
 investments and vice versa.
 
 18 During the year, the company has not made any preferential allotment
 of shares to parties and Companies.
 
 19 The Company has not issued debentures; therefore the question of
 creation of securities does not arise.
 
 20 The Company has not raised any money by way of public issue during
 the year.
 
 21 In my opinion and according to the information and explanations
 given to me, no fraud on or by the Company has been noticed or reported
 during the year, that causes the financial statements to be materially
 misstated.
 
                                                        sd/-
 
                                                     S.GANESH,
 
                                           B.COM, GRAD.C.W.A. F.C.A 
 
                                                CHARTERED ACCOUNTANT
 
 Place: Coimbatore                                 M. No. 210367
 
 Date: 30.05.2013
Source : Dion Global Solutions Limited
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