To the members of CYBELE INDUSTRIES LTD
Report on Financial Statements:
We have audited the accompanying financial statements of M/s. CYBELE INDUSTRIES LTDwhich comprise the balance sheet as at 31.03.2019 the statement of profit and loss(including other comprehensive income) the statement of changes in equity and the cashflow statement for the year then ended and summery of significant accounting policies andother explanatory information(herein after referred to as standalone Ind AS financialstatements)
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 andpresentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the company in accordance with the accountingprinciples generally accepted in India including the Indian accounting standards specifiedunder section 133 of the act as applicable. This responsibilities also includesmaintenance of adequate accounting records in accordance with the provisions of the actfor safeguarding the assets of the company and for preventing and deducting frauds andother irregularities selection and applications of appropriate accounting policiesmaking judgments and estimates that are reasonable and prudent and design implementationand maintenance of adequate internal financial controls that were operation effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of th standalone Ind AS financial statement that give a trueand fair view and are free from material miss statement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken in to account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report and the provisions of the act and the rules made there under and the Orderunder Section 143(11) of the Act.
We conducted our audit of the standalone Ind AS financial statements in accordance withthe standards on auditing specified under section 143 (10) of the act those standardsrequire that we comply with ethical requirement and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material mis statement
An audit involves performing procedures to obtain audit evidence about the amount anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgements including the assessment of the risks of materialsmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to thecompany's preparation of the standalone Ind AS financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose expressing an onion on whether the company has in place anadequate internal financial control system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting polices used and the reasonableness of the accounting estimates made by thecompany's directors as well as evaluating the overall presentation of the standalone IndAS financial statements.
We believe that audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.
In our opinion and to the best of our information's and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the information'srequired by the act in the manor so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the company as at 31.03.2019 and its profit changes in equity andits cash flows for the year ended on that date.
The standalone Ind As financial statements of the company for the year ended 31stMarch 2019 are audited by us and express an unmodified opinion on those standalonefinancial statements..
Report on other legal and regulatory Requirements
.1) As required by section 143 (3) of the act we report that.
a) we have sought and obtained all the information's and explanations which to the bestof our Knowledge and believes were necessary for the purposes of our audit
b) In our opinion proper books of accounts as required by law have been kept by thecompany so far as its appears from our examination of those books.
c) The balance sheet the statement of Profit and loss the statement of changes inequity and Cash flow statement dealt with by this Report are in agreement with the booksof account.
d) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting standards specified under section 133 of the Act as applicable.
e) On the basis of written representations received from the directors as on 31.03.2019taken on record by the Board of Directors none of the directors is disqualified as on31.03.2019 from being appointed as a director in terms of section 164 (2) of the act.
f) With respect to the other matters to be included in the auditors report inaccordance with rule 11 of the companies (audit and auditors) rule 2014 in our opinionand to the best of our information's and according to the explanations given to us:
i) the companies dose not have any pending litigations which would impact its financialposition
ii) the company did not have any long term contract including derivatives contracts forwhich there were any material forseeable losses
iii) No amount is required to be transferred to the investor education and protectionfund by the company
As required by the Companies (Auditor's Report) Order 2016 (the Order') issuedby the Central Government in terms of Section 143(11) of the Act we give in"Annexure" a statement on the matters specified in paragraph 3 and 4 of theOrder.
Annexure to the Auditor's Report
The annexure referred to in Para 1 under the heading of "Report on other Legal andRegulatory Requirements" of our report to the members of the Company for the yearended 31st March 2019.
1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The assets have been physically verified by the management at the end of financialyear which in ou8r opinion is reasonable having regard to the size of the Company and thenature of its fixed assets. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.
2) a) The inventories have been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) The Company has maintained proper records of inventories. As explained to us therewere no materials discrepancies noticed on physical verification of inventories ascompared to the book records. And all the title deeds of immovable properties are held inthe name of the company.
3) a) During the year the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the Register maintained under section 189 ofthe Companies Act 2013.
4) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system.
5) The company has not accepted Deposits form Directors and Inter Corporate. In ouropinion and according to information and explanations given to us all the directivesissued by the Reserve Bank of India and provisions of Section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under whereapplicable were complied with. Further we are informed y the management that no order hasbeen passed by the Companies Law Board or National Company Law Tribunal or RBI or anycourt or any Other Tribunal on the Company.
6) We have broadly reviewed the cost records maintained by the Company specified by theCentral Government under sub Section (1) of section 148 of the Companies Act 2013 and areof the opinion that prima facie the prescribed accounts and records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.
7) a) According to the information and explanation given to us and on the basis of ourexamination of the records of the company amount deducted/ accrued in the books ofaccounts in respect of undisputed Statutory dues including Provident Fund Employees'State Insurance Income Tax Sales Tax Wealth Tax Service Tax Customs Duty Value AddedTax Excise Duty Cess and other material Statutory dues applicable have been regularlydeposited with the appropriate authorities.
b) According to the information and explanations given to us no undisputed amountspayable in respect of income Tax Wealth Tax Service Tax Sales Tax Customs Duty andExcise Duty Value Added Tax Cess and other material statutory dues were in arrears as at31st March 2019 for a period of more than six months from the date they becamepayable.
c) According to the information and explanation given to us no amount is required to betransferred to the investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under.
8) The company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.
9) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the company has not defaulted in repayment of duesto financial institutions and banks. The Company does not have any borrowings by way ofdebentures.
10) According to the information & explanation given to us the Company has notgiven any guarantee for loans taken by others from banks and financial institutions.
11) The loans outstanding at the beginning of the year and those raised during the yearhave been applied for the purpose for which they were raised.
12) In our Opinion and according to the information and explanations given to us nomaterial fraud on or by the Company has been noticed or reported during the year.
13) In our Opinion and according to the information and explanations given to us thecompany is not a Nidhi company accordingly paragraph 3(xii) of the order is notapplicable.
14) According to the information & explanation given to us the Companyand based onour examination of the records of the company the company has not entered inti non cashtransaction with directors or persons connected with him.
15) The company is not required to be registered under section 45-1A of the RBI Act1934.
| ||For M/s. Manavalan & Co. |
| ||Chartered Accountants |
| ||V.P.Manavalan |
|Place : Chennai ||Proprietor |
|Date : 29.05.2019 ||Membership No.: 220470 |