We have audited the accompanying financial statements of M/S.
ANTARCTICA LIMITED of 1A, Vidyasagar Street, Kolkata-9, which comprises
the Balance Sheet as at 31st March, 2015 and the statement of Profit &
Loss and the Cash Flow Statement for the year and a summary of
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 of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 ofthe Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets ofthe 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 ofthe accounting records,
relevant to the preparation and presentation ofthe financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Our responsibly is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with the
Standards on Auditing specified under Section 143(10) ofthe 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 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 of fraud or error. In making those risk assessments, the audit
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 ofthe accounting estimates made by management, as
well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit 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, ofthe state of affairs ofthe Company as at March 31, 2015 and
its loss for the year ended on that date.
Emphasis of Matters
The financial statements ofthe Company have been prepared on a going
Report on Other Legal and Regulatory Requirements
As required by Section 143 (3) ofthe 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
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 it appears from our examination of
(c) The Balance Sheet and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account. In our
opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 ofthe Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
The going concern matter described under the Emphasis of Matters
paragraph above, in our opinion, not have any adverse effect on the
functioning ofthe Company. On the basis ofthe 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. With respect to the other matters to be included
in the Auditor''s Report in accordance with Rule 11 ofthe Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has no pending litigations.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts.
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 Auditor''s Report
(Referred to in Paragraph 3 of our Report of even date)
1) The company has maintained proper records showing full particulars
including quantitative details and situations of Fixed Assets. The
Assets are physically verified by the management during the year. To
the best of our knowledge, no material discrepancies were noticed on
such verification. The company did not dispose of a substantial part
of fixed assets during the year.
2) The inventory has been physically verified by the management during
the year at reasonable intervals.
In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business. The company is
maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stocks and the book records were not
The discrepancies noticed on physical verification of stocks as
compared to book records, were not material, however the same have been
properly dealt with in the books of account.
3) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 ofthe Companies Act.
4) In our opinion an according to the information and explanations
given to us, the company has an adequate internal control system
commensurate with its size and nature of its business. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in such internal control system.
5) According to the information and explanations given to us, the
company has not accepted any deposit from the public. Therefore, the
provisions of clause (v) of paragraph 3 of CARO 2015 are not applicable
to the company.
6) The company is need not required to maintain cost records at this
stage under sub-section (1) of section 148 of the Companies Act;
7) a) According to the records ofthe company, undisputed statutory dues
including income-tax, sales-tax, value added tax, cess and any other
statutory dues have been generally regularly deposited with appropriate
b) According to the information and explanation given to us, no
undisputed amounts payable in respect ofthe aforesaid dues were
outstanding as March 31, 2015for period of more than six months from
the date of becoming payable.
c) Details of dues of Income tax, Sales tax, Service Tax, Customs Duty,
Excise Duty, Value Added Tax are given below:
Sl. Name of the Statue Nature of Dues Amount (Rs.)
1 VAT Act 2003 WB VAT -
2 VAT Act 2003 WB VAT -
3 VAT Act 2003 WB VAT -
4 INCOME TAX ACT 1961 INCOME TAX -
5 INCOME TAX ACT F.B.T -
Sl. Name of the Statue Period to which Forum where dispute
No. the amount is pending
1 VAT Act 2003 2011 -12 Directorate of
Govt. of W.B. (Appeal)
2 VAT Act 2003 2010-11 ''DO''
3 VAT Act 2003 2008-09 ''DO''
4 INCOME TAX ACT 1961 2008-08 Commissioner
of Income Tax(Appeal)
5 INCOME TAX ACT 2007-08 ''DO''
d) The company is need not required to transfer to investor education
and protection fund in accordance with the relevant provisions ofthe
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8) The Company has no accumulated losses at the end of the financial
year. The company has not incurred cash losses during the financial
year covered by the audit and in the financial year immediately
preceding such financial year.
9) The Company has not taken loan under cash credit from bank. The
company has also unsecured loan from directors pending for repayment
10) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
11) The company has not raised any long term loans during the period.
12) In our opinion an according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
30th May, 2015 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747