INDEPENDENT AUDITOR
To,
The Members of
Lila World Wide Ltd.
Report on the Financial Statements
We have audited the accompanying financial statements of Lila World Wide Ltd (the
company), which comprise the Balance Sheet as at March 31, 20(4, 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.
Managements 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, financial performance and cash flows of the
Company in accordance with Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956(the Act). This responsibility includes
the design, implementation and maintenance of internal control 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.
Auditors Responsibility
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 auditors
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 Companys preparation and fair presentalion 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 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 basis for our audit opinion.
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 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
March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on
that date; and 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 (Auditors 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 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 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 books
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 account;
d) our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement comply with the Accounting Standards referred to in sub-section (3C) of section
211 of the 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 disqualified
as on March 31, 2014, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
|
For K. R. MANIK & Co. |
|
(Chartered Accountants) |
| Place : Mumbai |
|
| Date : 30/6/14 |
|
|
Sd/- |
|
(K. R. MANIK) |
|
(PROPRIETOR) |
|
(M. No. 0095506) |
ANNEXURE TO THE AUDITORS REPORT
[Referred to in our report to the members of Lila World Wide Ltd (the Company) for the
year ended 31 March 2014]
On the basis of such checks as considered appropriate and in terms of the information
and explanations given to us. we state as under:
1 (a) The company is maintaining proper records showing full particulars, including
quantitative details and situation of fixed assets;
(b) The fixed assets have been physically verified at reasonable periods by the
management and as informed to us, no material discrepancies have been noticed on such
verification.
(c) None of the fixed assets have been disposed off during the period.
2 (a) On the Balance sheet date there was no dosing stock with the company and hence
clauses 2 (b) and 2 (c) are not applicable
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 in the current year except for interest free unsecured loan which was granted in
earlier year to one party covered in the register maintained under section 301 of the
Companies Act, 1956 which has been repaid during the year.
(b) As per information and explanations given to us, rate of interest and other terms
and conditions of the unsecured loan given by the company are not prima facie prejudicial
to the interests of the company.
(c) The aforesaid loan given to the party covered In the register maintained under
section 301 was repayable on demand and the same has been repaid during the year.
(d) In case of the aforesaid loan, since no overdue amount is outstanding, the question
of taking reasonable steps for the recovery of the principal amount does not arise.
(e) The company has not taken any loans, from the parties covered in the register maintained
under section 301 of the Companies Act, 1956.
4 In our opinion and according to information and explanation given to us during (he
course of our audit, there is adequate internal control procedure commensurate with the
size of the Company and the nature of its business, for the purchase of inventory and
fixed assets and for the sale of goods and services.
5 (a) In our opinion and as explained to us, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in the
register required to be maintained under that section;
(b) According to the information and explanation given to us, there are no contracts or
agreements with parties referred under section 301 of (tie Companies Act,) 956.
6 The Company has not accepted any deposits from the public during the year hence the
provisions of Section 58A, Section 58AA or any other relevant provision of the Companies
Act. 1956 and the rules made there under are not applicable to the company.
7 The company does not have an internal audit system during the year. However, the
conditions mentioned for conduct of Internal Audit are not applicable during the year.
8 As informed to us, the Central Government has not prescribed the maintenance of cost
records by the Company under section 209(1)(d) of the Companies Act, 1956.
9 (a) The company is regular in depositing undisputed statutory dues including
Income-tax, Sales-tax, Custom Duty, service tax and any other statutory dues with the
appropriate authorities and there are no undisputed statutory dues outstanding as at 31st
March 2014, for a period of more than six months from the date they became payable.
According to the information and explanation made available to us the company is not
liable to pay any sum towards Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Wealth Tax and Excise Duty for the period covered under our
audit,
(b) According to the information and explanation given to us, there are no dues of
income tax, sates tax, wealth tax, service tax, customs duty and cess which have not been
deposited on account of any dispute.
10 The Company has accumulated Profit of Rs.131,193,665/-as on 31 st March, 2014;
11 The company has not taken any loan from any financial institution or bank and has
not issued any debenture, hence this clause is not applicable.
12 Based on our examination of the records and the information and explanations given
to us, the Company has not granted any loans and/or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund, nidhi / mutual benefit fund /
society, hence the provisions of clause 4(xiii) are not applicable to the company.
14 According to the information and explanation given to us. the Company is not dealing
or trading in shares, securities, debentures and other investments.
15 According to the information and explanations given to us. the Company has not given
any guarantees for loans taken by others from bank or financial institutions.
16 According to the information and explanations given to us, during the period company
has not raised any term loans.
17 On an overall examination of the balance sheet of the company and according to the
information and explanations given to us, no funds raised by the company on short term
basis have been used for long term investments.
18 The company has not made any preferential allotment of shares during the period.
19 During the period covered by our audit report the Company has not issued any
secured debentures.
20 The Company has not raised any money by public issues during the period covered by
our report.
21 As per the information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year (or the company.
For K.R.MANIK A Co.
(Chartered Accountants)
Place: Mumbai
Date : 30/06/2014
(K.R.MANIK)
(PROPRIETOR)
(M.No.009550)
+91-9892691696
