TO THE MEMBERS OF
FUSION FITTINGS (I) LIMITED
Report on the Financial Statements
We have auditedthe accompanying financial statements of Fusion Fittings (I) Limited,("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 a summaryof 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 atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C)ofsection 211 of the Companies Act, 1956 ("the Act") read with the GeneralCircular 15/2013 dated September 13, 2013of the Ministry of Corporate Affairs in respectof section 133 of the Companies Act, 2013. This responsibility includes the design,implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement, whether due to fraud 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 with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit involves performing procedures to obtain auditevidence about'the amounts and disclosures in the financial statements. The proceduresselected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to theCompany's preparation and fair presentation of the financial statements in order o tdesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us, financial statements give the information required by the Act in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India: a) in the case of the Balance Sheet, of the state of affairsof the Company as at March 31, 2014; b) in the case of the Statement of Profit and Loss,of the profit for the year ended on that date; and c) in the case of the Cash FlowStatement, 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 ofthe Act,we give in the Annexure a statement on the matters specified in paragraphs 4 and 5of 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 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, Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in subsection (3C) of section211 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 disqualifiedas on March 31, 2014, from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 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 K.K. Jain & Co.,|
|Firm Registration No.: 002465N|
|(R. K. Mittal)|
|Date: May 29, 2014||Membership No.: 095459|
Annexure to the Auditor's report
Annexure referred to the Auditors' Report of even date to the Members of FusionFittings (I) Limited for the year ended 31st March, 2014.
1 (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified by themanagement during the year in a phased periodical manner, which in our opinion isreasonable having regard to the size of the company and nature of its assets. No materialdiscrepancies between the book records and the physical inventory were noticed in respectof the assets physically verified.
(c) In our opinion, the company has not disposed off substantial part of fixed assetsduring the year and the going concern status of the company is not affected.
2 The company had no inventory.
3 The company has not granted nor taken any loans, secured or unsecured, to/from anycompany, firm or other party covered 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, thereare adequate internal control systems commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit, no major weakness has beennoticed in the internal control system in respect of these areas.
5 (a) In our opinion and according to the information and explanations given to us,there are no transactions that need to be entered in the register maintained under section301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations given to us, thereare no transactions that need to be entered into the register maintained under section 301of the Companies Act,1956, paragraph 4(v)(b) of the order is not applicable.
6 The Company has not accepted any deposits from the public to which the provisions ofSection 58A & Section 58AA or any other relevant provisions of the Companies Act, 1956and the Rules framed there under apply,
7 In our opinion, the company has an internal audit system commensurate with the sizeand nature of its business.
8 To the best of our knowledge and according to the information and explanations givento us, the Central Government has not prescribed the maintenance of cost records underSection 209(1) (d) of the Companies Act, 1956.
9 (i) Undisputed statutory dues including Provident Fund, Investor Education andProtection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, ServiceTax, Custom Duty, Excise Duty, Cess have been regularly deposited with the appropriateauthorities,
(ii) According to the information and explanations given to us, no undisputed amountspayable in respect of Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, ExciseDuty and Cess were outstanding at the year end for a period of more than six months fromthe date they became payable.
(iii) According to the record of the company and information and explanation given tous, there were no disputed dues outstanding as at 31S| March, 2014 in respect of SalesTax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess.
10 The company has no accumulated losses as at 31st March 2014. The company has notincurred cash losses during the year nor in the immediately preceding financial year.
11 In our opinion and according to the information and explanation given to us, thecompany has not defaulted in repayment of dues to financial institutions, banks ordebenture holders.
12 According to the information and explanations given o t us, the Company has notgranted any loans and 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 or a nidhi / mutual benefitfund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor'sReport) Order, 2003 are not applicable to the company.
14 In our opinion, the company is not dealing in or trading in shares, securities,debentures and other investments. Accordingly, the provisions of clause 4(xiv) of theCompanies (Auditor's Report) Order, 2003 are not applicable to the company.
15 In our opinion and according to the information and explanation given to us, theterm and conditions on which the company has given guarantees for loans taken by othersfrom banks or financial institutions are not prejudicial to the interest of the company.
16 The company has not raised any term loan during the year.
17 Accordingto the information and explanations given to us and on an overallexamination of the Balance Sheet and Cash Flow Statement of the company, we report that nofunds raised on short-term basis have been used for long term investments.
18 The company has not made any preferential allotment of shares to parties orcompanies covered in the register maintained under section 301 of the Companies Act,1956,during the year.
19 No secured debenture were issued by the company. Therefore, no securities have beencreated.
20 The company has not raised any money by a public issue during the year.
21 According to the information and explanation given to us, no fraud on or by theCompany has been noticed or reported during the year.
|ForK.K. Jain & Co.|
|Firm Registration No.: 002465N|
|(R. K. Mittal)|
|Date: May 29, 2014||Membership No.: 095459|
Chander Bhan Wadhwa , Director
Kulbhushan Arora , Director
Company Head Office / Quarters:
106 Vishwadeep Tower Plot No 4,
District Centre Janakpuri,
Phone : Delhi- / Delhi-
Fax : Delhi- / Delhi-
Web : http://www.fusionfittings.com
Link Intime India Pvt Ltd
Narang Tower,44 Community Centre,Naraina Ind Area,New Delhi-110028