kampani consultants limitd Auditors report

KAMPANI CONSULTANTS LIMITED ANNUAL REPORT 2011-2012 AUDITORS REPORT The Members kampani consultants limited Mumbai We have audited the attached Balance Sheet of KAMPANI CONSULTANTS LTD as at 31st March 2012 and the Statement of Profit & Loss and also the Cash Flow Statement for the ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above 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 purposes of our audit. (b) In our opinion, proper books of account as required by law have been kept by the Company, so far as it 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 accounts. (d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report 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 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with significant accounting policies and other notes thereon, 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. (i) in the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2012; (ii) in the case of the statement of Profit and Loss , of the profit for the year ended on that date. (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Arun Arora & Co. Chartered Accountants Arun Arora (Proprietor) Place: Mumbai Date : 30-05-2012 Referred to in paragraph 3 of our report of even date, (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the fixed assets have been physically verified by the management during the year. In our opinion, the programme of verification carried out is reasonable, having regard to the size of the Company and the nature of its assets and, on the basis of the explanations given to us, no discrepancies have been noted on verification. (c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposals of fixed assets during the year. (ii) The nature of the business / activities of the company during the year is such that clause (ii) is not applicable to the company. (iii) (a) According to the information and explanations given to us, the company has not given loans to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. (b) According to the information and explanations given to us, company has taken intercorporate deposits from two companies amounting to Rs. 1.25 crores listed in the register maintained under section 301 of the companies act, 1956. The maximum amount outstanding during the year was Rs. 1.25 crores and year end balance was NIL. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets. During the course of our audit, we have not observed any major weaknesses in internal controls. (v) (a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 has been entered. (b) In our opinion and according to the information and explanations given us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) The company has not accepted any public deposits within the meaning of section 58A and 58AA of the Companies Act, 1956 and Non Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directors 1998. (vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) The company is not required to maintain any cost records under section 209(l)(d) of the companies Act, 1956. (ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including income tax, , wealth tax, and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amount payable in respect of Income-tax, Wealth-tax were in arrears, as at 31st March 2012, for the period of more than six months from the date they became payable. (c) According to the information and explanations given to us, there are no dues on account of Income-tax, Wealth-tax and other statutory dues which have not been deposited on account of any dispute. (x) The company neither have any accumulated losses at the end of the year nor incurred cash losses during the current and immediately preceding financial year. (xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not taken any loans from financial institutions or banks. (xii) According to the information and explanations given to us, the company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (xiv) In our opinion and according to the information and explanations given to us, the company is not dealer or trader in securities. (xv) In our opinion company has not given any guarantees for loan taken by others from banks or financial institutions. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, the company has not availed any term loans during the year. (xvii) To the best of our knowledge and belief and according to the information and explanations given to us, the company has not raised any fund on short term basis. (xviii) The company has not made any preferential allotment of shares during the year. (xix) According to the information and explanations given to us and the records examined by us, during the year company has not issued any debenture. (xx) The company has not raised any money by public issue during the year. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. For Arun Arora & Co. Chartered Accountants Arun Arora (Proprietor) Place: Mumbai Date : 30-05-2012