We have audited the accompanying financial statements of Integra
Capital Management Limited. CIN No. U74899DL1990PLC040042 (''the
Company''), which comprise the Balance Sheet as at 31st March, 2015, 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
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 and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in acordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Secion 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
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.
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made hereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the 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 the material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal financing control relevant to the Company''s
preparation of the financial statements that give true and fair view, in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial conrols
system over financial reporting and operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company''s Directors, 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 on the financial
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 of the state of affairs of the Company as
at 31st March 2015, its profit/loss and its 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, 2015 (''the
Order'') issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by section 143(3) of the 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
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
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
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under secion 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of 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 Secttion 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014;
i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements-Refer Note 17 to the
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
iii) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
Annexure to the Auditors'' Report
[Referred to in paragraph 1 under ''Report on other Legal and Regulatory
Requirements'' of our Report of even date to the members of Integra
Capital Management Limited on the accounts of the Company for the year
ended 31st March 2015].
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
(i) 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) As explained to us. All the fixed assets have not been physically
verified by the management during the year but there is a regular
program of verification, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(ii) In respect of its inventory
(a) As explained to us, the inventories were phsically verified at
regular intervals by theManagement.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the naure of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories. The discrepancies noticed on physical verification of
stocks as compared to book records were not material and have been
properly dealt with in the books of account.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act,
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013; and therefore paragraph 3(iii) of the Order is not applicable.
(iv) 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 purhase of inventory, fixed assets and for the sale of
shares and securities. During the course of our Audit, we have not
observed anycontinuing failure to correct major weaknesses in internal
(v) In our opinion and according to the information and explanations
given to us, the company has not received any public deposits during
(vi) As informed to us, the Company is not required to maintain any
cost records under subj section (1) of Section 148 of the Act, in
respect of the activities carried on by the Company.
(vii) In respect of statutory dues:
(a) According to the records of thecompany and information and
exlplanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income-tax, Service Tax
and other material statutory dues applicable to it, with the
(b) According tothe information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, wealth
Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material
statutory dues in arrears/were outstanding as at 31st March, 2015 for a
period of more than six months from the date they became payable.
(c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The accumulated losses of the company are not more than 50% of
its Net worth. However, it has earned profit in the financial year
ended on 31st March, 2015.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the informaion and the explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year;
(xi) The company has not obtained any term loan during the year, so
this para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the year.
For M/s H.K. Dua & Co.
FRN No. : 000581N
Place : New Delhi Arun Kumar Dua
Date : 15/07/2015 (Partner)
M. No. : 082623