To the Members of
Comfort Commotrade Limited. Report on the Financial Statements
We have audited the accompanying financial Comfort Commotrade Limited statementsof("the Company"), which comprise the Balance Sheet as at March 31, 2014, theStatement of Profit and Loss and Cash Flow Statement for the year then ended, and asummary 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 atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the Accounting Principles generally accepted in India includingAccounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("theAct"). This responsibility includes the design, implementation and maintenance ofinternal control relevant to the preparation and presentation of the financial statementsthat give a true and fair view and are free from material misstatement, whether due tofraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material . misstatements
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgement, including the assessment of the risks of material misstatementof the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the Companyspreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management, as well as evaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March31, 2014;
b) in the case of the Profit and Loss Account, of the Profit for the year ended on thatdate; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 ("theOrder") issued by the Central Government of India in terms of Section 227(4A) oftheAct,wegive specifiedin paragraphs 4 theAnnexureastatementonthematters and 5 ofthe 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 ourknowledge 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 theCompany so far as appears from our examination of those books
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and theCash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) ofthe Companies Act, 1956;
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 disqualifiedas on March 31, 2014, from being appointed as a director in terms of clause of Section274(1)(g) of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued anyRules under the said section, prescribing the manner in which such cess is to be paid, nocess is due and payable by the Company.
For Bansal Bansal and Co.
Membership No.: 135399
Date: 30th May, 2014
Annexure to Independent Auditors Report
Referred to in paragraph 1 under the heading of "Report on other Legal andRegulatory Requirements" of our report of even date.
1. In respect of its Fixed Assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations given to us, nofixed asset has been disposed during the year and therefore does not affect the goingconcern assumption.
2. In respect of its inventories: the company does not have any inventories.
3. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account, the Company has not granted any loan to theparties covered in the register maintained under Section 301 of the Companies Act, 1956.
(b According to the information and explanations given to us and on the basis of ourexamination of the books of account, the Company has not taken any loans from companies,firms or other parties listed in the register maintained under Section 301 of theCompanies Act, 1956.
4. In our opinion and according to the information and explanations given to us, thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business. During the course of our audit, no major instanceof continuing failure to correct any weaknesses in the internal controls has beennoticed.
5. a) Based on the audit procedures applied by us and according to the information andexplanations provided by the management, the particulars of contracts or arrangementsreferred to in section 301 of the Act have been entered in the register required to bemaintained under that section.
b) In our opinion and according to the information and explanations given to us,there are no transactions made in pursuance of contracts / arrangements entered in theRegister maintained under section 301 of the Companies Act, 1956 and exceeding the valueof Rs. 5,00,000 in respect of any party during the year.
6. The Company has not accepted any deposits from the public covered under section 58Aand 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the Company has aninternal audit system commensurate with its size and the nature of its business.
8. As per information & explanation given by the management, maintenance of costrecords has not been prescribed by the Central Government under clause (d) of sub-section(1) of section 209 of the Act.
9. (a) According to the records of the company, undisputed statutory dues includingIncome Tax, Service Tax, cess to the extent applicable and any other statutory dues havegenerally been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there were no outstanding statutory dues for aperiod of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no amountspayable in respect of income tax, wealth tax, service tax, which have not been depositedon account of any disputes.
10. The Company does not have any accumulated loss and has not incurred cash lossduring the financial year covered by our audit and in the immediately preceding financialyear.
11. Based on our audit procedures and on the information and explanations given by themanagement, we are of the opinion that, the Company has not defaulted in repayment of duesto a bank.
12. According to the information and explanations given to us, the Company hasmaintained adequate documents and records in respect of loans and advances granted on thebasis 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 Company.
14. According to information and explanations given to us, the Company is trading inShares, Mutual funds & other Investments. Proper records & timely entries havebeen maintained in this regard & further investments specified are held in its ownname.
15. According to the information and explanations given to us, the Company has givenguarantee of Rs.59,75,000/- for loan taken by others from a bank or financial institution.
16. The company has not obtained any term loan during the year. Accordingly this clauseis not applicable to the company.
17. Based on the information and explanations given to us and on an overall examinationof the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raisedon 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 givento us by the management, we report that the Company has not made any preferentialallotment of shares during the year.
19. The Company has no outstanding debentures during the period under audit.
20. The Company has not raised any money by public issue during the year.
21. Based on the audit procedures performed and the information and explanations givento us, we report that no fraud on or by the Company has been noticed or reported duringthe year, nor have we been informed of such case by the management.
For Bansal Bansal and Co.
Membership No. :135399
Date: 30th May, 2014