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Antarctica Ltd.

BSE: 526715 Sector: Services
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Antarctica Ltd. (ANTGRAPHIC) - Auditors Report

Company auditors report



Report on Financial Statement

We have audited the accompanying financial statements of M/S. ANTARCTICA LIMITED of 1AVidyasagar Street Kolkata-9 which comprises the Balance Sheet as at 31st March 2015 andthe statement of Profit & Loss and the Cash Flow Statement for the year and a summaryof significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibily is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act .Those Standards require thatwe comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence aboutthe amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueof fraud or error. In making those risk assessments the audit considers internal controlrelevant to the Company's preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 and its loss for the year ended on that date.

Emphasis of Matters

The financial statements of the Company have been prepared on a going concern basis.

Report on Other Legal and Regulatory Requirments

As required by Section 143 (3) of the Act we reportthat:

(a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Reportare in agreement with the books of account.

In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

The going concern matter described under the Emphasis of Matters paragragh above inour opinion not have any adverse effect on the functioning of the Company. On the bais ofthe written representations received from the directors as on 31st March 2015 taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2015 from being appointed as a director in terms of Section 164 (2) of the Act. Withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestofour information and according to the explanations given to us:

i. The Company has no pending litigations.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

30th May 2015 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747

Annexure to the Independent Auditor's Report

(Referred to in Paragraph 3 of our Report of even date)

1) The company has maintained proper records showing full particulars includingquantitative details and situations of Fixed Assets. The Assets are physically verified bythe management during the year. To the best of our knowledge no material discrepancieswere noticed on such verification. The company did not dispose of a substantial part offixed assets during the year.

2) The inventory has been physically verified by the management during the year atreasonable intervals.

In our opinion the procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the company and thenature of its business. The company is maintaining proper records of inventory. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material.

The discrepancies noticed on physical verification of stocks as compared to bookrecords were not material however the same have been properly dealt with in the books ofaccount.

3) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

4) In our opinion an according to the information and explanations given to us thecompany has an adequate internal control system commensurate with its size and nature ofits business. During the course of our audit we have not observed any continuing failureto correct major weakness in such internal control system.

5) According to the information and explanations given to us the company has notaccepted any deposit from the public. Therefore the provisions of clause (v) of paragraph3 of CARO 2015 are not applicable to the company.

6) The company is need not required to maintain cost records at this stage undersub-section (1) of section 148 of the Companies Act; 7)

a) According to the records of the company undisputed statutory dues includingincome-tax sales-tax value added tax cess and any other statutory dues have beengenerally regularly deposited with aporopriate authorities.

b) According to the information and explanation given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as March 312015 for period ofmore than six months from the date of becoming payable.

c) Details of dues of Income tax Sales tax Service Tax Customs Duty Excise DutyValue Added Tax are given below:

SI. No. Name of the Statue Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
1 VAT Act 2003 WB VAT 318000 2011-12 Directorate of Commercial Taxes Govt of W.B. (Appeal)
2 VAT Act 2003 WB VAT 13000 2010-11 'DO'
3 VAT Act 2003 WB VAT 120000 2008-09 'DO'
4 INCOME TAX ACT 1961 INCOME TAX 95000 2008-08 Commissioner of Income Tax (Appeal)
5 INCOME TAX ACT F.B.T 143000 2007-08 'DO'

d) The company is need not required to transfer to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made thereunder.

8) The Company has no accumulated losses at the end of the financial year. The companyhas not incurred cash losses during the financial year covered by the audit and in thefinancial year immediately preceding such financial year.

9) The Company has not taken loan under cash credit from bank. The company has alsounsecured loan from directors pending for repayment till date.

10) The company has not given any guarantee for loans taken by others from bank orfinancial institutions.

11) The company has not raised any long term loans during the period.

12) In our opinion an according to the information and explanations given to us nofraud on or by the company has been noticed or reported during the year.

30th May 2015 For A.K.S.& Associates
Howrah (C.A. Ashok Kumar Samanta)
Firm Regn. No: 318100E
Membership No: 053747

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