INDEPENDENT AUDITORS
To,
The Members,
CAPMAN FINANCIALS LIMITED
REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying financial statements of CAPMAN FINANCIALS LIMITED,
which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and the 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
The Companys management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and the cash flows of the company in accordance with the Accounting Standards notified
under the Companies Act, 1956 (the Act) read with the general circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013 and in accordance with the accounting principles generally accepted in
India. This responsibility includes the design, implementation and maintenance of internal
control relevant to the preparation and presentation of the financial statements that give
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
the 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
the disclosures in the financial statements. The procedures selected depend on the
auditors judgement, including the assessment of 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
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Companys internal control. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the 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 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:
i) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2014;
ii) In the case of the Statement of Profit and Loss, of the profit of the company for
the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors Report) Order, 2003 issued by the Central
Government in terms of Section 227(4A) of the Act, we give in the annexure a 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 the law have been kept by
the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956
(the Act) read with the general circular 15/2013 dated September 13, 2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act, 2013
(e) On the basis of the written representations received from the directors as on March
31, 2014 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 Section 274(1)(g) of
the Act.
|
For PANKAJ P. SANGHAVI & CO. |
|
Chartered Accountants |
|
Firm Reg. No. 107356W |
|
(Ankit P. Sanghavi) |
|
Partner |
| Mumbai: May 30, 2014 |
M. No. 131353 |
Annexure to the Independent Auditors’ Report
(As referred to in paragraph 3 of our report of even date)
1) In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets on the basis of available
information,
b) The fixed assets were physically verified during the year by the management at
regular interval considering the size of the Company and nature of assets. According to
the information and explanation given to us, no material discrepancies have been noticed
on such verification.
c) No disposal of a substantial part of fixed assets of the Company has taken place
during the year.
2) The company does not have inventory, accordingly Paragraph 4 (ii) is not applicable
to the company..
3) a) According to the information and explanation given to us, the Company has not
given any loans secured or unsecured, to companies, firms and other parties covered in the
register maintained U/ S 301 of the Companies Act, 1956
b) According to the information and explanation given to us, the Company has not taken
any loan secured or unsecured, from companies, firms and other parties covered in the
register maintained U/S 301 of the Companies Act, 1956.
4) In our opinion, and according to the information and explanations given to us, there
is an adequate internal control system commensurate with the size of the Company and the
nature of its business, for fixed assets and for the sale of goods and services. During
the course of our audit no major weakness has been noticed in the internal control system
in respect of these areas. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control system of the company
5) According to the information and explanation given to us, the company has not
entered in any transactions covered U/S 301 of the Companies Act, 1956, accordingly
Paragraph 4 (v) is not applicable to the company.
6) In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits during the year from the public within the meaning
of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and
the Companies (Acceptance of Deposit) Rules, 1975.
7) In our opinion, the Company has Internal Audit System commensurate with the size and
nature of its business.
8) The Central Government has not prescribed the maintenance of cost record under
Section 209(1) (d) of the Companies Act, 1956 for the business carried out by the Company.
Accordingly, paragraph 4(viii) of the Order is not applicable.
9) According to the information and explanation given to us the Company has delayed in
depositing undisputed statutory dues including Income Tax, TDS, Profession Tax and other
statutory dues with the appropriate authorities.
10) The Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses in the financial year and in the immediately preceding
financial year.
11) The Company has not defaulted in repayment of dues to any financial institution or
bank.
12) The Company has not granted loans and advances on the basis of security by way of
pledge of shares, debentures or other securities
13) We are informed that the provisions of any special statute applicable to Chit Fund,
Nidhi funds, or Mutual Benefit Fund/Society do not apply to the company.
14) According to the information and explanation given to us, the company has had no
dealing or trading in shares, securities, debentures and other investments.
15) According to the information and explanation given to us, the company has not given
any guarantees for loans taken by others from Banks or other Financial Institutions,
accordingly Paragraph 4 (xv) is not applicable to the company.
16) According to the information and explanation given to us, the company has not taken
any Term Loans; accordingly Paragraph 4 (xvi) is not applicable to the company.
17) According to the information and explanation given to us, there are no funds raised
by the company, accordingly Paragraph 4 (xvii) is not applicable to the company.
18) According to the information and explanation given to us the Company has not made
preferential allotment of shares to parties and companies covered in the register
maintained under Section 301 of The Companies Act, 1956. Accordingly Paragraph 4 (xviii)
is not applicable to the company.
19) The Company did not have any outstanding debenture during the year. Accordingly,
paragraph 4(xix) of the Order is not applicable.
20) The Company has not raised any money by public issues during the year. Accordingly,
paragraph 4(xx) of the Order is not applicable.
21) To the best of our knowledge and belief and according to the information and
explanation given to us, no fraud on or by the Company was noticed or reported during the
course of our audit.
|
For PANKAJ P. SANGHAVI & CO. |
|
Chartered Accountants |
|
Firm Reg. No. 107356W |
|
(Ankit P. Sanghavi) |
|
Partner |
| Mumbai: May 30, 2014 |
M.No.131353 |
+91-9892691696
