We have audited the accompanying financial statements of Satya Miners &
Transporters Limited ("the Company") which comprise the Balance Sheet
as at March 31, 2015 and the Statement of Profit and Loss for the year
then ended and Cash Flow Statement, and a summary of 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 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 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; 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 true and fair view and are 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 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 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 internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015; and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on March 31, 2015;
c) In the case of the Cash Flow Statement for the year ended 31st March
2015.
EMPHASIS OF MATTERS
We draw attention to the following matters in the Notes to the
financial statements:
a) As certified by the management and relied upon by us in the matter
that no lawsuits filed against the company.
b) That the Company has accumulated losses at the end of the financial
year however it's net worth has not been eroded. However, the Company's
current liabilities do not exceed its current assets as at the balance
sheet date.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
As required by Companies (Auditors Report) Order 2015 ('the order')
issued by Central Government of India in terms of subsection (11) of
section 143 of the Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 & 4 of the said order to the extent
applicable.
As required by section 143(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Standalone Balance Sheet, Standalone Statement of Profit and
Loss and Standalone Statement of Cash Flow dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with 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.
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:
1. The Company does not have any pending litigations which would
impact its financial position.
2. The Company do not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
3. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
For S.R.AGARWALA & ASSOCIATES
Chartered Accountants
FRN No.:- 309065E
Place: Kolkata
Dated: 30/05/2015 Sd/-
(S.R.AGARWALA)
Mem. No: - 015986
The Annexure referred to in paragraph of the Our Report of even date to
the members of Satya Miners & Transporters Limited on the accounts of
the company for the year ended 31st March, 2015.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have been physically verified by the management
during the year which, in our opinion, is reasonable having regard to
the size of the company and the nature of its business. As informed no
material discrepancies were notices on such verification.
2. The company had not any inventory during the year, hence this
clause is not applicable to it.
3. The company has not granted any secured/unsecured loans to parties
covered in the Register maintained under section 189 of the companies
Act. Accordingly this clause is not applicable.
4. In our opinion and according to the information and explanations
given to us, there in an adequate internal control system commensurate
with the size of the company and the nature of its business.
Further on the basis of our examinations and according to the
information and explanations given to us we have neither come across
not have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our
opinion and according to the information and explanations given to us
the, directives issued by the Reserve Bank of India and the provisions
of Section 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under, to the extent applicable have
been complied with.
6. According to the information and explanations given to us, the
company is not required for the maintenance of cost records which has
been prescribed by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013. Hence this clause is not
applicable to it.
7. a) According to the records examined by us, the company is regular
in depositing undisputed statutory dues with appropriate authorities
including Income Tax, Wealth Tax, Service Tax, Cess and any other
Statutory dues applicable to it.
As informed to us provisions relating to Provident Fund, Employees
State Insurance, Sales Tax, Custom Duty, Value Added Tax and Excise
Duty are not applicable to it.
Further there were no outstanding dues at the yearend for a period of
more than Six Months from the date they become payable.
b) According to the information and explanations given to us, no
disputed amount is pending before any forum of the above mentioned
statutory dues.
c) According to the information and explanation given to us, the
company is not required to transfer any amount to the investor
education protection fund in accordance with the relevant provisions of
the Companies Act, and rules made there under has been transferred to
such fund within time.
8. The Company has accumulated loss at the end of the financial year
which is not more than fifty percent of its net worth and it has not
incurred cash loss during the current financial year and in the
immediately preceding financial year.
9. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institution or bank or debenture
holders.
10. According to the information and explanations given to us by the
management, the company has not given any guarantee for loans taken by
others from bank or financial institution.
11. The Company has not obtained any term loans. Accordingly this
clause of the Order is not applicable.
12. Based upon audit procedures performed for the purpose of reporting
the true and fair view of the financial statements and as per the
information and explanation given by the management, we report that no
fraud on or by the company has been noticed or reported by the
management during the year under audit.
For S.R.AGARWALA & ASSOCIATES
Chartered Accountants
FRN No: - 309065E
Place: Kolkata
Dated: 30/05/2015 Sd/-
(S.R.AGARWALA)
Mem No: - 015986 |