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Navkar Corporation Ltd.

BSE: 539332 Sector: Others
NSE: NAVKARCORP ISIN Code: INE278M01019
BSE LIVE 15:40 | 21 Aug 187.85 -0.15
(-0.08%)
OPEN

194.00

HIGH

194.00

LOW

181.90

NSE 15:51 | 21 Aug 187.05 -1.85
(-0.98%)
OPEN

188.90

HIGH

191.20

LOW

180.85

OPEN 194.00
PREVIOUS CLOSE 188.00
VOLUME 5564
52-Week high 246.55
52-Week low 155.00
P/E 28.55
Mkt Cap.(Rs cr) 2,679
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 194.00
CLOSE 188.00
VOLUME 5564
52-Week high 246.55
52-Week low 155.00
P/E 28.55
Mkt Cap.(Rs cr) 2,679
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Navkar Corporation Ltd. (NAVKARCORP) - Auditors Report

Company auditors report

To the Members of Navkar Corporation Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of NAVKARCORPORATION LIMITED (the ‘Company’) which comprise the Balance Sheet as atMarch 31 2015 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation which we have signed under reference to this report.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under

Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 andAccounting Standard 30

Financial Instruments: Recognition and Measurement issued by the Institute of CharteredAccountants of India to the extent it does not contradict any other accounting standardreferred to in Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatementwhetherdue to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2015 and its profit and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order 2015’ issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order.

10. As required by Section 143 (3) of the Act we report that:

(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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Lossand the Cash Flow Statementdealt with by this

Report are in agreement with the books of account; (d) In our opinion the accompanyingstandalone financial statements comply with the Accounting

Standards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts)

Rules 2014 and Accounting Standard 30 Financial Instruments: Recognition andMeasurement issued by the Institute of Chartered Accountants of India to the extent itdoes not contradict any other accounting standard referred to in Section 133 of the Actread with Rule 7 of Companies (Accounts) Rules 2014; (e) On the basis of the writtenrepresentations received from the directors as on March 31 2015 taken on record by theBoard of Directors none of the directors as on March 31 2015 from being appointed as adirector in terms of Section 164 (2) of the Act; and (f) With respect to the other mattersto be included in the Auditor’s Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note 31 and 33 to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts asat March 31 2015; (iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312015.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: June 17 2015 Membership Number: 134572

Annexure to Independent Auditors’ Report

Referred to in paragraph 9 of the Independent Auditors’ Report of even date to themembers of Navkar Corporation Limited on the financial statements as of and for the yearended March 31 2015.

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the

Management according to a phased programme designed to cover all the items over aperiod of 2 years which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets.

Pursuant to the programme a portion of the fixed assets has been physically verifiedby the Management during the year and no material discrepancies have been noticed on suchverification. ii.

(a) The inventory has been physically verified by the Management during the year. Inour opinion the verification frequency of is reasonable.

(b) In our opinion the procedures of physical verification of inventory followed bythe Management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory. The discrepancies noticed verificationphysical of inventory as compared to book records were not material. iii. The Company hasgranted unsecured loans to one company covered in the register maintained under Section189 of the Act.

(a) In respect of the aforesaid loans the parties are repaying the principal amountsas stipulatedand are also regular in payment of interest as applicable.

(b) In respect of the aforesaid loans there is no overdue amount more than Rupees OneLakh.

iv. In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. Further on the basis of our examination of the books and recordsof the Company and according to the information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of income-tax and service-tax and is regular indepositing undisputed statutory dues including provident fund employees’ stateinsurance sales-tax wealth-tax duty of customs duty of excise value added tax cessand other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax sales-tax wealth-tax duty ofcustoms duty of excise value added tax and cess which have not been deposited on accountof any dispute. The particulars of dues of service-tax as at March 31 2015 which have notbeen deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs) Period to which the amount relates Forum where the dispute is pending
The Finance Act 1994 Service Tax 20372506 October 2011 to March 2012 The Commissioner Central Excise Customs and Service Tax

(c) According to the information and explanations given to us and the records of theCompany examined by us in our opinion there are no amounts required to be transferred bythe Company to the Investor Education and Protection Fund in accordance with theprovisions of the Companies Act 1956 and the rules made thereunder.

viii. The Company has no accumulated losses as at the end of the financial year and ithas not incurred any cash losses in the financial year ended on that date and in theimmediately preceding financial year.

ix. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank as at the balance sheet date.The Company has not issued anydebentures during the year and does not have any debentures outstanding as at thebeginning of the year and at the year end.

x. In our opinion and according to the information and explanations given to us theterms and conditions of the guarantees given by the Company for loans taken by others frombanks or financial institutions during the year are not prejudicial to the interest of theCompany.

xi. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

xii. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norwe have been informed of any such case by the Management.

For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: June 17 2015 Membership Number: 134572