| We have audited the accompanying financial statements of Deccan
Bearings Limited ("the Company"), which comprise the balance sheet
as at 31st March 2015, the statement of profit and loss and the cash
flow statement for the year then 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 matter stated
in section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified u/s. 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 the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal 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
hue and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors' 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 u/s. 143(10) of the Act. Those Standards require that we
comply with the 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 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
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating the effectiveness of such controls. An audit also includes
evaluating the appropriateness of 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 given to us, the aforesaid 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, of the state of affairs of the Company as
at 31st March 2015 and its loss and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. 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 paragraphs 3 and 4 of the Order,
to the extent applicable.
2. 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 best of 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 the Company so far as it appears from our examination of
those books
(c) The balance sheet, the statement of profit and loss, and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified u/s. 133 of the Act, read with the Rule
7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of section 164 (2) of
the Act; and
(f) 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) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us;
(i) There are no pending litigations hence no impact on financial
position in its financial statements;
(ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses;
(iii) According to the information and explanations given to us, no
amounts are required to be transfer to the Investor Education and
Protection Fund.
Annexure referred to in our Independent Auditor's Report to the
Members of Company on the financial statements for the year ended
March 31,2015, we report that:
1] (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As per the information and explanations given to us, the
management at reasonable intervals carries out the physical
verification of the fixed assets. The discrepancies noticed on such
verification, which were not material, have been appropriately dealt
with in the accounts.
2] (a) As per the information and explanations given to us, the
inventories have been physically verified during the year by the
management. In our opinion, having regard to the nature and location
of stocks, the frequency of the physical verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory and the discrepancies noticed on physical verification of
the same were not material in relation to the operations of the
Company and the same have been properly dealt with in the Books of
Accounts.
3] The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered under register maintained
under section 189 of the Act.
4] In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods &
services. During the course of our audit no major weakness has been
noticed in the internal controls.
5] In our opinion and according to the information and explanation
given to us the Company has complied with the Section 73 and 74 of the
Act and the rules framed there under, to the extent notified.
6] In our opinion and according to the explanation given to us, the
Rules made by the Cental Government for the maintenance of cost
records under subsection (1) of section 148 of the Companies Act,
2013, does not apply in respect of Company's Business.
7] (a) According to the information and explanations given to us, and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, income-tax,
sales-tax, customs duty, wealth tax, service tax and excise duty and
cess and other material statutory dues.
(b) There were no undisputed amount payable in respect of provident
fund, income-tax, sales-tax, customs duty, wealth tax, service tax and
excise duty and cess, material statutory dues in arrears as on 31st
march, 2015 for a period more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, excise duty, and cess which have not been deposited with the
appropriate authorities on account of any dispute.
(d) According to the information and explanations given to us, no
amounts are required to be transfer to the Investor Education and
Protection Fund.
8] The Company's accumulated losses at the end of financial year have
not exceeded the net worth of the Company and the Company has incurred
cash losses in the current financial year and has not incurred cash
loss in the immediately previous financial year.
9] Based on the information and explanations given to us, the Company
has not defaulted in repayment of any dues to financial institutions
and banks.
10] According to the information and explanation given to us, the
Company has not given any guarantees for loans taken by others from
Bank or Financial Institutions.
11] In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purpose for
which they were raised.
12] As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For D.V. VORA & Co.
Chartered Accountants
FRN 111624W
Sd/-
Date: 5th June,2015 (D.V. Vora)
Place: Mumbai Partner M.No. 30013 |