| 1. I have audited the attached Balance Sheet of Alora Trading Co Ltd as
at 31 March, 2015 and the Profit and Loss Account and also the cash
flow statement for the year ended on that date, annexed thereto
(collectively referred as the "Financial Statements"). These financial
statements are the responsibility of the company's management. My
responsibility is to express an opinion on these financial statements
based on my audit.
2. I have conducted this 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 misstatements. An audit
includes examining on 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 the management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable
basis for my opinion.
3. Further I report that:
a. The information and explanations that are obtained, which to the
best of my knowledge and belief were necessary for the purpose of
audit;
b. In my opinion, proper books of accounts as required by law have been
kept by the Company so far as appears from my examination of those
books;
c. The Financial Statements dealt with by this report are in agreement
with the books of accounts.
d. On the Basis of written representations received from the directors,
as on 31st March, 2015 and taken on record by the board of directors,
none of the directors are disqualified as on 31st March, 2015 from
being appointed as director in terms of sub-section (1) of Section 164
of the Companies Act, 2013.
e. In my opinion and to the best of my information and according to the
explanation given to me , the financial statements dealt with by this
report materially comply with the Accounting Standards referred to in
Section 133 of the Companies Act, 2013 and the Rules framed there under
and 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 , in the case of :-
i. The Balance Sheet , of the state of affairs of the Company as at
March 31, 2015;
ii. The Profit and Loss Account, of the profit for the year ended on
that date; and
iii. The Cash Flow Statement, of the cash flows for the year ended on
that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies ( Auditors Report ) Order, 2015 ( The
Order ) issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 & 4 of the order.
As required by section 143 (3) of the Act , we report that :
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
;
1. We have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
2. 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.
3. The company's balance sheet & profit & loss account dealt with in
the report are in agreement with the books of account & returns.
4. The financial statements comply with the accounting standards.
5. No directors are disqualified from being appointed as director
under sub-section (2) of section 164.
6. The company has adequate internal financial controls system in
place and such controls are operating effectively.
The Annexure referred to in paragraph 1 of Our Report on Other Legal
and Regulatory Requirements.
We report that:
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, these fixed assets have been physically
verified by the management at reasonable intervals; no material
discrepancies were noticed on such verification.;
2. As the Company does not have Inventory, the Clauses (ii)(a) to
(ii)(c) of para 3 of the Orders are not applicable to the company.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(a), and iii (b) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under,.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Act.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty, whichever applicable, which
have not been deposited on account of any disputes.
(c) According to the information and explanations given to us, the
amount required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made there under has been transferred to
such fund within time.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit.
9. In our opinion and according to the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders, as applicable to the company.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, the company has not taken any term loan during the year.
12. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year, nor have we been informed of such case by the
management.
For Shripad Kulkarni & Co
Chartered Accountants
FRN: 12577W
Sd/-
Shripad Kulkarni
Place: Mumbai (Proprietor )
Date: May 30, 2015 Membership No.:117727
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