We have audited the accompanying financial statements of ENTERPRISE
INTERNATIONAL LIMITED (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 and
financial performance of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards notified under the Companies Act, 1956 read with the general
circular 15/2013 dated 13 September 2013, issued by the ministry of
Corporate Affairs, in respect of the Section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give at and fair view and
are free from material misstatement, whether due to fraud or error.
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 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 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, 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 basisforouraudit 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
trueandfairviewinconformity with the accounting principles generally
accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Profit and Loss Account, of the PROFITfor 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 forthe purpose of
b) in our opinion proper books of account as required by law have been
kept by the Company sofaras appears from ourexamination of those books.
c) the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreementwith the booksof account.
d) in our opinion, the Balance Sheet, the Statement of Profit & Loss
and the cash Flow Statement comply with the Accounting Standards
notified under the Act which continue to be applicable in respect of
the Section 133 of the Companies Act, 2013 in termsof General
Circular 15/2013 dated 13 September 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 Section 274(1 )(g) of the Act.
ANNEXURE TO THE AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of ENTERPRISE INTERNATIONAL LIMITED on the accounts of
the company for the year ended 31stMarch.2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets.
b) Fixed Assets have been physically verified by the management in a
phased periodical manner as per regular program of verification, which
in our opinion is reasonable, having regard to the size of the company
and nature of its business. No material discrepancies were noticed on
c) There are no substantial disposals of fixed assets during the year.
2. In respect of its inventory:
a) The inventories have been physically verified during the year by the
management. In our opinion, thefrequencyof verification is reasonable.
b) 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 inventory. As explained
to us, there were no material discrepancies noticed on physical
verification of inventories.
3. The company has neither granted nor taken any loans, secured or
unsecured, to or from Companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Consequently the
provisions of clause (iii) of paragraph 4 of the Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets & for sale
of goods and services. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in the
5. According to the information and explanation given to us, there are
no contracts or arrangements referred to in section 301 of the Act that
need to be entered into the register maintained under the section 301.
Therefore, the provisions of clause (v) (b) of paragraph 4 of the Order
are not applicable to the company.
6. The Company has not accepted any deposits from the public covered
under section 58Aand 58 A of the Companies Act,1956.
7. In our opinion, the Company has an internal audit system
commensurate with the size and natureofits business.
8. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Act in respect of
9.According to the information and explanations given to us in respect
of statutory dues:
a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, custom duty, cess and
other material statutory dues applicable to it.
b) There was no undisputed amounts payable in respect of income tax,
sales tax, custom duty and cess were in arrears, as at 31.03.2014 for a
period of more than six months from the date they became payable.
c) Details of dues of Income tax, Sales tax, wealth tax, service tax,
custom duty, excise duty and cess which have not been deposited as on
31st March, 2014 on account of any disputes are given below:
Statute Nature of Forum where Period to which the
Dues Dispute is pending amount relates
Customs Tariff Customs Commissioner of Financial year
Act Duty Customers 2009-10.2010-11
Statute Amount Involved Rs. in lakhs
Customs Tariff Act. 836.50
10. The company has no accumulated losses. The company has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues toafinancial
institution, bankordebenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advance on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
14. Based on our examination of documents and records, we are of the
opinion that proper records have been maintained of the transactions in
respect of dealing and trading in shares and timely entries have been
made therein. The shares have been held by the company in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by
others from abank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has not raised any money by way of debentures during
20. The Company has not raised any money by public issue during the
21. Based on the audit procedures performed for the purpose of
reporting the true and fair view of the financial statement 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 year.
For K M TAPURIAH & CO.
Place- Kolkata FRN: 314043E
Place. Kolkata K M TAPURIAH
Dated: 29.05.2014 (Partner)
Membership No.: 051509