| We have audited the accompanying financial statements of EUREKA
INDUSTRIES LIMITED, which comprises of Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year ended 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 and
financial performance and cash flows of the company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") (which continue to be applicable in respect of Section 133 of the
Companies Act, 2013 in terms of General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs) 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 a true and fair view and are free from
material misstatements, 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
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 Statement of Profit and Loss, of the Profit 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
As required by the Companies (Auditor's 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.
As required by section 227(3) of the Act, we report that:
d) 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;
e) 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.
f) The Balance Sheet, the Statement of Profit and loss and cash flow
statement dealt with by this Report are in agreement with the books of
account.
g) In our opinion, the Balance Sheet and Statement of Profit and Loss
and the cash flow statement comply with the Accounting Standards
notified under 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.
h) 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 disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
(Referred to paragraph 1 of "Report on Other Legal and regulatory
Requirements" of our report of even date.)
1. During the current year, the company does not have any fixed assets,
hence not applicable.
2. The company does not have any inventory and therefore physical
verification thereof and maintenance of records are not applicable.
3.a. The company has not granted unsecured loan to any party covered in
the Register maintained U/s 301 of the Companies Act, 1956.
b. The Company has not taken any loans from the parties covered in the
register maintained U/s 301 of the Companies Act, 1956.
4. In our opinion and according to the information and the explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with the regards to sale of services. During the course of
our audit no material weaknesses has been noticed in the internal
control system.
5. There are no contracts or arrangements referred to in section 301 of
the Companies Act, 1956 that need to be entered during the year.
6. The company has not accepted any deposits from the public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. As per information and explanation given to us the company did not
have formal internal audit system however it has adequate internal
control system commensurate with size of the company.
8. The provisions of section 209(1) (d) of the Companies Act, 1956
regarding maintenance of cost records are not applicable to the
company.
9. According to information and explanations given to us and the
records examined by us, company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, employees' state insurance, income tax, sales tax, wealth tax,
service tax, custom duty, cess and any other material statutory dues
applicable to it.
According to the information and explanations given us, and the records
of the company there are no dues of income tax/ sales tax/ wealth tax/
service tax/ custom duty/ excise duty/ cess which have not been
deposited on account of disputes.
10. The company has accumulated losses of Rs. 7,45,95,858/- at the end
of March 31, 2014. Company has not incurred Cash losses in the Current
year.
11. In our opinion and according to the information and explanation
given to us the company has not defaulted in repayment of dues to bank
or financial institutions.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provision of any special statue applicable to chit fund / Nidhi
Mutual benefit fund / Societies is not applicable to the company.
Therefore, the provisions of clause 4(xiii) of the companies (Auditor's
Report) order, 2003 are not applicable to the company.
14. In our opinion, the company is not a dealer or trader in shares,
securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the companies (Auditors Report) order
2003 (as amended) are not applicable to the Company.
15. As per explanations and information given to us the company has not
given any guarantee for loans taken by others from banks or financial
institutions.
16. The company has not raised any term loans during the year.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on a short-term basis have been used for long-term
investment.
18. The company has not made any preferential allotment of shares
during the year.
19. The company has not issued any Debentures and hence, the question
or creating securities or charges in respect thereof does not arise.
20. The Company has not raised any money by way of public issues during
the year.
21. Based upon the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statement and as per
the information and explanations given to us by the management, we
report, no fraud on or by the company has been noticed or reported
during the course of our audit.
For Kothari Sangawat & Associates.
Chartered Accountants
F.R.No - 132985W
Sd/-
Sunil Kothari
Place : Ahmedabad Partner
Date : May 30, 2014. M.No.- 104384 |