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Kar Mobiles Ltd.

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Apr 24, 16:00
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Kar Mobiles is not traded on BSE in the last 30 days

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Kar Mobiles is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of Kar Mobiles Limited as at 31st March 2011, the Profit and Loss Account for the year ended on that date and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. I. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) 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; II. Further to our comments in the Annexure referred to above, we report that: i. 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; ii. 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; iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub- section (3C) of Section 211 of the Companies Act, 1956; v. On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors of the company are disqualified as on 31st March 2011, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi. In our opinion and to the best of our information and according to the explanations given to us. the said accounts read together with the significant accounting policies and notes on accounts attached thereto, 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: a. in the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2011; b. in the case of the Profit and Loss Account, of the profit for the year ended on that date; and c. in the case of the Cash Row statement, of the cash flow of the company for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF KAR MOBILES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2011 1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) We are informed that most of the fixed assets of the company have been physically verified by the management during the year based on the fixed assets verification programme laid down by the management of the company which, in our opinion is reasonable having regard to the size of the company and the nature of assets and discrepancies noticed on such verification, which are not material have been dealt within the accounts. (c) The company has not disposed off substantial part of fixed assets during the year. 2. (a) We are informed that the inventory of raw materials, stores and spares in the custody of the company are physically verified by the management on a continuing basis as per a programme of perpetual inventory and inventories of other items have been physically verified at the year- end, the frequency of which, in our opinion is reasonable, having regard to the size of the company and the nature of its business; (b) In our opinion and according to the explanations given to us, the procedures of physical verification of inventory followed by the management are fairly reasonable and adequate in relation to the size of the company and the nature of its business; (c) The company is maintaining proper records of inventory and as informed to us, discrepancies of material nature noticed on physical verification, by the management, have been adequately adjusted in the books of account. 3. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. (b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are fairly adequate internal control procedures commensurate with the size of the company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods. 5. According to the information and explanations given to us, all transactions which require to be entered in a register maintained pursuant to Section 301 of the Companies Act, 1956 have been so entered. Where each of such transactions is in excess of Rs.5 lakhs in respect of any party, they have been made at cost/ negotiated prices and they either compare favourably with market prices or there are no comparable prices. 6. The company has not accepted any deposits from the public during the year and there are no deposits outstanding as at the beginning and end of the year. Hence, the compliance of provisions of sections 58A and 58AA of the Companies Act, 1956 are not applicable. 7. In our opinion, the company has an adequate internal audit system commensurate with the size of the Company and the nature of its business. 8. We have broadly reviewed the records maintained by the company pursuant to the order issued by the Central Government under Section 209(l)(d) of the Companies Act, 1956, for the maintenance of cost records in respect of the products of the company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of these records with a view to determine whether they are accurate or complete. 9. (a) According to the information and explanations given to us and as per our verification of the records of the company, the company has been fairly regular in depositing undisputed statutory dues including Provident fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess, Investor Education and Protection Fund and other statutory dues with the appropriate authorities during the year to the extent applicable. There are no arrears of undisputed statutory dues of a material nature outstanding for a period of more than six months from the date on which they became payable. (b) According to the information and explanations given to us and as per our verification of the records of the company, there are no disputed amounts of tax/ duty that have not been deposited with appropriate authorities as at 31st March 2011 except for the following. Name of Nature of Amount Period to the statute dues (Rs. in which the 000s) amount relates Finance Act, 1994 Service tax 463 2008-09 Finance Act. 1994 Service tax 678 2009-10 Finance Act, 1994 Service tax 227 2009-10 Finance Act, 1994 Service tax 155 2009-10 Customs Act, 1962 Customs Duty 33 2010-11 Name of the statute Forum where dispute is pending Finance Act, 1994 Central Excise Customs and Service tax Appellate Tribunal Finance Act, 1994 Commissioner of Central Excise (Appeals) Finance Act, 1994 Assistant Commissioner - Central Excise Finance Act, 1994 Commissioner of Central Excise (Appeals) Customs Act, 1962 Commissioner of Customs 10. There are no accumulated losses at the end of the financial year. The company has also not incurred cash losses during the year and in the immediately preceding financial year. 11. According to the information and explanations given to us and as per our verification of the records of the company, the company has not defaulted in repayment of dues to the financial institutions and banks. 12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. 13. Since the company is not a chit fund/nidhi/mutual benefit fund/society, the related reporting requirements are not applicable. 14. Since the company is not dealing or trading in shares, securities, debentures or other investments, the related reporting requirements are not applicable. 15. According to the information and explanations given to us and as per the. verification of the records of the company, there are no guarantees given by the company for loans taken by others from banks or financial institutions. 16. According to the information and explanation given to us and as per the verification of the records of the company, the term loans obtained and to the extent utilized during the year were applied for the purpose for which such loans were obtained and the remaining funds pending utilization are placed in bank balances. 17. According to the information and explanations given to us and as per our verification of the records of the company, although during the year the company has used short term funds for long term purposes to the extent of Rs. 101.59 lakhs, on an overall basis the company has not utilized funds raised on short-term basis for long term purposes. 18. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act. 19. The company has not issued any debentures during the year. 20. The company has not raised any money by public issues during the year. 21. According to the information and explanations given to us and as per our verification of the records of the company, no fraud either on or by the company has been noticed or reported during the year. For VARMA & VARMA Chartered Accountants FR NO.004532S R Kesavadas Partner M.No.23862 Chennai May 19, 2011