(CLEAN OPINION FOR THE COMPANY NOT
REQUIRED CONSOLIDATION)
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
_____________________PRIVATE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of _____________________(“the
company”) which comprise the Balance Sheet as at 31st March 2015, the Statement
of Profit and Loss, the Cash Flow Statement for the year ended and a summary
of the significant accounting policies and other explanatory information.
Management’s
Responsibility for the Financial Statements
The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act’ 2013 (“the Act”) with
respect to the preparation of these financial Statements that give a true and
fair view of the financial position, financial performance and cash
flowof the company in accordance with the accounting principles
generally accepted in India including the accounting standards specified under
section 133 of the Act, read with Rule 7 of the Companies (accounts) Rules,
2014. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies ;
judgments and estimate that are reasonable and prudent: and design
implementation of adequate financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statements that give a
true view and free from material misstatement, whether due to fraud or error.
Auditor’s
Responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit.
We have taken into account the provisions of the Act,
the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and the 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 statement, whether due
to fraud or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company’s preparation of the
financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company’s Directors, 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 on the
financial statements.
Opinion
In our opinion and to the best of our information and
according to the explanations to the Act in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as 31st March, 2015, its profit/loss and
cash
flow for the ended on that date.
Report on Other
Legal and Regulatory Requirements
This report does
not include a statement on the matters specified in paragraphs 3 & 4 of the
Companies (Auditor’s Report) Order, 2015, issued by the Central Government in
terms of section 143(11) of the Companies Act, 2013, since in our opinion and
according to the information and explanation given to us, the said Order is not
applicable to the company.
As required by
section 143(3) of the Act, we further report thatOR
As required by the
Companies (Auditor’s Report) Order, 2015 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we
give in the Annexure a statement on the matters specified in paragraph 3 and 4
of the Order, to the extent applicable.
Further to our comments in the aforesaid annexure, as
required by section 143(3) of the Act, we report that:
1.
We have sought and obtained all the information and
explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit.
2.
In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our examination of
those books.
3.
The Balance Sheet, Statement of Profit and Loss and cash
flow statement, dealt with by this Report are in agreement with the
books of account.
4.
In our opinion, the aforesaid financial statements comply
with the accounting standards specified under section 133 of the Act, read with
Rule 7 of the companies (accounts) Rule, 2014.
5.
On the basis of the written representations received from the
directors as on March 31, 2015 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 section 164(2) of the Act.
6.
With respect to the other matters to be included in the
Auditor’s report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rule, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
a)
The Company does not have any pending litigations which would
impact its financial position.
b)
The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.
c)
There were no amounts which were required to be transferred
to the investor Education and Protection Fund by the Company.
For
________________
Chartered Accountants
Firm Registration number
CA.
__________________
Partner
Membership number _________
Place &
Date
ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL
STATEMENTS
The Annexure referred to in the independent auditor’s
report of even date to the members of _________________Private Limited (“the
Company”) on the financial statements for the year ended 31 March 2015, we
report that:
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i.
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(a)
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The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
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(b)
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These fixed
assets have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification.
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ii.
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a)
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The physical
verification of inventory has been conducted at reasonable intervals by the
management during the year. In our opinion, the frequency of such
verification is reasonable in relation to the size of the Company and nature
of its business.
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b)
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In our opinion,
the procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the Company
and the nature of its business.
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c)
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The Company is
maintaining proper records of inventory. The discrepancies noticed on
verification between the physical stocks and the book records were not
material.
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iii.
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a)
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The Company has
not granted any loans, secured or unsecured to companies, firms or other
parties covered in the register maintained under section 189 of the Companies
Act, 2013. If granted then answer b) (c )
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b)
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In the case of
the loans granted to the companies, firms or other parties listed in the register maintained under
Section 189 of the Act, the borrowers have been regular in repaying the
principal amounts as stipulated and in the payment of interest, wherever
applicable.
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c)
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There are no
overdue amounts of more than rupees one lakh in respect of the loans granted
to any of the companies, firms and other parties covered in the register
maintained under section 189 of the Act.
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iv.
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There is an
adequate internal control system commensurate with the size of the Company
and the nature of its business with regard to purchase of inventories and
fixed assets and with regard to the sale of goods and services. We have not
observed any major weakness in the internal control system during the course
of the audit.
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v.
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The Company has not accepted any deposits from the
public.
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vi.
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In our opinion,
the Company is not required to maintain the cost records under sub-section
(1) of section 148 of the Companies Act 2013.
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vii.
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a)
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The Company is
regular in depositing undisputed statutory dues including provident fund,
employees' state insurance, income-tax, sales-tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax, cess and any other
statutory dues with the appropriate authorities. and if not, the extent of the arrears of outstanding statutory dues
as at the last day of the financial year concerned for a period of more than
six months from the date they became payable, shall be indicated by the
auditor.
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According to the
information and explanations given to us and on the basis of our examination
of the records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident fund,
employees’ state insurance, income tax, sales tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax, cess and other material
statutory dues have been generally regularly deposited during the year by the
Company with the appropriate authorities.
According to the
information and explanations given to us, no undisputed amounts payable in
respect of provident fund, employees’ state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added tax,
cess and other material statutory dues were in arrears as at 31 March 2015
for a period of more than six months from the date they became payable.
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b)
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According to the
information and explanations given to us, there is no dues of income tax or
sales tax or wealth tax or service tax or duty of customs or duty of excise
or value added tax or cess which have not been deposited on account of any
dispute.
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Q- In case dues
of income tax or sales tax or wealth tax or service tax or duty of customs or
duty of excise or value added tax or cess have not been deposited on account
of any dispute, then the amounts involved and the forum where dispute is
pending shall be mentioned. (A mere representation to the concerned
Department shall not constitute a dispute).
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According to the
information and explanations given to us, the dues set out hereunder in respect of income tax, sales tax,
service tax, duty of customs, duty of excise and value added tax have not
been deposited with the appropriate authorities on account of disputes. As
explained to us, the Company did not have any disputed dues on account of
wealth tax and cess.
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Name of statute
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Nature of dues
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Amount (Rs.)
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Forum where the
dispute is pending
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Period to which
the amount relates
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Income tax
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c)
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According to the
information and explanations given to us, the Company is not required to
transfer any amount to the investor and education fund in accordance with the
relevant provisions of the Companies Act, 1956 and rules made there-under.
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viii.
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The Company does
not have any accumulated losses at the end of the financial year and has not
incurred cash losses in the financial year and in the immediately preceding
financial year.
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ix.
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In our opinion
and according to the information and explanations given to us, the Company,
has not defaulted in repayment of dues to its bankers or to any financial
institutions during the year.
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x.
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In our opinion
and according to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks and
financial institutions.
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xi.
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In our opinion
and according to the information and explanations given to us by the management,
term loans availed by the Company were applied for the purposes for which the
loans were obtained.
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xii.
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According to the
information and explanations given to us, no material fraud on or by the
Company has been noticed or reported during the year.
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