AUDITOR
Independent Auditor’s Report
To the Members of Innoventive Venture Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Innoventive Venture Limited
(Formerly known as Platinum Ocean Energy Limited, Kayton Trade & Finance Limited) ,
which comprise the Balance Sheet as at 31st March, 2014, and the Statement of
Profit and Loss and Cash Flow Statement for the year then ended 31st March,
2014, and a summary of 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 a
true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act") read with the General
Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect
of Section 133 of the Companies Act, 2013. 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.
Auditor’s 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
auditor’s 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 Company’s preparation and fair
presentation 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 Act 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 Profit and Loss Account, of the loss for the year ended on that
date; and
c) 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 (Auditor’s 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 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 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) In 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 read with the General Circular 15/2013 dated 13 September
2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act
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, we report that none of the directors
is disqualified as on 31st march, 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 R. Kabra & Co.
Chartered Accountants
(Registration No.104502W)
(Deepa Rathi)
Partner
M. Ship No.104808
FRN : 104502W
Place: Mumbai
Date: 29.05.2014
INNOVENTIVE VENTURE LIMITED
(Formerly Known as Platinum Ocean Energy Limited, Kayton Trade & Finance Limited)
ANNEXURE TO AUDITOR’S REPORT
Annexure referred to in paragraph 3 of the auditor’s report of even date to the
members of Innoventive Venture Limited for the year ended as on 31st 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:
(i) (a) The Company does not have any fixed assets as such the point along with (i) (b)
& (c) are not applicable.
(ii) (a) The Company does not have any inventory as such the point along with (ii) (b)
& (c) are not applicable.
(iii) (a) As per the information and explanations given to us, the Company has not
granted any unsecured loans, to Companies, firms or other parties listed in the Register
maintained under section 301 of the Companies Act, 1956. As the Company has not given any
loans, secured or unsecured ,from parties listed in the register maintained under section
301 of the Companies Act, 1956, paragraphs (iii) (b) (c) and (d) of the order, are not
applicable.
(e) The Company has not taken any loans, secured and unsecured, from Companies, firms
or other parties listed in the Register maintained under section 301 of the Companies Act,
1956. As the Company has not taken any loans, secured or unsecured, from parties listed in
the register maintained under section 301 of the Companies Act, 1956, paragraphs (iii) (e)
(f) and (g) of the order ,are not applicable.
(iv) This point is not applicable since there are no fixed assets and inventory during
the year.
(v) (a) In our opinion and according to the information and explanations given to us,
the transactions that need to be entered into the register in pursuance of Section 301 of
the Companies Act, 1956 have been entered.
(b) In our opinion and according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements , if any , have been entered
in the register maintained under section 301 of the Companies Act, 1956 at prices which
are reasonable having regard to prevailing market prices at the relevant time.
(vi) In our opinion & according to the information & explanations given to us
the Company has complied with the directives issued by The Reserve Bank of India & the
provisions of Sections 58A & 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975. According to the information & explanation given
to us, no Order has been passed by the Company Law Board on the Company.
(vii) In our opinion, the company has an internal audit system through internal control
system which is carried out by the internal audit department, the scope and coverage of
which is commensurate with the size and nature of business of the company.
(viii) As informed the maintenance of cost records under Section 209 (1) (d) of the
Companies Act, 1956 is not applicable.
(ix) (a) According to the information and explanation given to us & the records of
the company examined by us in our opinion, the Company has been regular in depositing
during the year undisputed statutory dues in respect of Income Tax, Sales Tax, Service
Tax, Cess & other material statutory dues as applicable with the appropriate authority
as on the last day of the financial year as at 31st March 2014 outstanding for a period
more than six months from the date they became payable
(b) According to the information & explanations given to us there were no dues in
respect of Income Tax, Wealth Tax, Sales Tax, & Cess which have not been deposited on
account of any dispute.
(x) The Company has accumulated losses. The Company has incurred cash loss during the
current financial year and also in the immediately preceding financial year.
(xi) According to the records of the Company examined by us & according to the
information and explanations given to us, the Company has not defaulted in repayment of
dues to any financial institution or bank or debentures holders during the year.
(xii) The Company has not granted any loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The provisions of any special statue applicable to chit fund/ nidhi/mutual
benefit fund/societies are not applicable to the Company.
(xiv) The Company has maintained proper records of the transactions and contracts in
respects of shares & other investments and has also made timely entries therein. The
shares are held by the company in its own name except to the extent exemption is granted
under section 49 of the Companies Act, 1956.
(xv) The company has not given any guarantee for loans taken by others from bank or
financial institutions and therefore clause xv of the order is not applicable
(xvi) Currently there are no term loans and therefore clause (xvi) of the order is not
applicable.
(xvii) On the basis of an overall examination of the Balance Sheet of the Company, in
our opinion & according to the information & explanation given to us there are no
funds raised on short-term basis which have been used for long-term investment. No long
term funds have been used to finance short term assets except permanent working capital.
(xviii) During the year 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 during the year.
(xix) According to the information and explanations given to us, during the period
covered by audit report the company had not issued any debenture.
(xx) There was no public issue during the current year and therefore clause (xx) of the
CARO report is not applicable
(xxi) During the course of our examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, we have neither come across any
instance of fraud on or by the Company, either noticed or reported during the year, nor
have we been informed of such case by the management.
For R. Kabra & Co.
Chartered Accountants
(Registration No.104502W)
(Deepa Rathi)
Partner
M. Ship No.104808
FRN : 104502W
Place: Mumbai
Date: 29.05.2014
+91-9892691696
