| 1 We haVe audited the accompanying financial statements of AZURE EXIM
SERVICES LIMIEED which comprise the Balance Sheet as a, 31st March,
2015, the Statement of profit and Loss for the year then ended and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Finaneial Statements
2. The management and Board of Directors of the Company are responsible
for the matters in section 134(5) 0f 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 post ton, financal performance 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 Companies (Accounts) Rules,
2014. This responsibility includes maintenance of adequate accounting
records in accordance with the provisions of the Ac. for safeguarding
and application of appropriate accounting policies- making judgments and
estimates that are reasonable and prudent: design, implementation' and
maintenance of adequate internal financial control, that are 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
3 Our responsibility iS to espress an øpinion on these financial
statements based on our
4 We have taken into the provisiøins øf the Act, the accouning and
auditing standards and matters which arc required to be included in the
audit, report under the provisions of the Act and the Rules made there
under.
5. We have conducted our audit in accordance with the Standards on
Auditing specified un cr section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perfom,
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and in the financial statements. The procedures
selected auditor's judgment. including the assessment of the risks of
material misstatement of the financial statements, whether due fraud or
error. making those risk the auditor considers internal financial
control relevant to the Company's preparation of the financial
Statement, that g,ve 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 effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimats made by Company's management
and Board of Directors, as well as evaluating the overall presentation
of the financial statements.
7 We belive that the audit evidence we have obtained iS sufficient and
appropriate provide a basis for our audit opinion on the financial
statements.
Opinion
8. In our opinion and the best of our information and according the
explanations given to us, the aforesaid financial statements the
information required by the Ac, in the manner so required and give a
true and fair view in conformity with the accounting March 2015, its
less in India of the state of affairs øf company as at31st March 2015,
its loss for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the companies (Auditors Report) Order, 2015 issued by
the Central of SUb section (11) øf section 143 øf the Act (hereinafter
red as the Order and on the basis of such cheeks of the books and
records of the company we considered appropriate and to the information
and explanation we give in the Annexure a on the matters apecified in
paragraphs 3 and 4 of the Order. pardgraPhs 3
10. As required by section 143(3) of the Act we report that:
(a) We have sought and obtained all the information and explanation
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 Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of accounts;
(d) 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) Rules 2014;
(e) on the basis of written representations received from the directors
as on 31st March, 2015 and 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 term of Section 164(2) of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
II of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company does not have any pending litigations which would
impact its financial position in its financial statements.
(ii) The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure referred to in paragraph 9 of Our Report of even date to the
members of M/s. AZURE EXIM SERVICES LIMITED, on the accounts of the
Company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of the
audit, we report that:
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us. fixed assets have been physically verified by
the management at regular intervals, as informed to us no material
discrepancies were noticed on such verification.
2. The nature of business of the Company does not require it to have any
inventory. Hence, the requirement of clause (ii) of paragraph 3 of the
said order is not applicable to the Company.
3. The Company has not granted loans to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013 and the terms and conditions were not prejudicial
to the interest of the Company.
4. In our opinion and according to the information and explanation
given to us. there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business and for the sale of services. Further, on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us. no major weakness has
been noticed or reported.
5. The Company has not accepted any deposit from the public covered
under Section 73 to 76 of the Companies Act, 2013.
6. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (I) of section 148 of the
Act
7. (a) According to the information and explanations given to us and
based on the records of the Company examined by us. the Company is
regular in depositing the un- disputed statutory dues, including
Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty. Excise Duty and other material statutory
dues, as applicable, with the appropriate authorities in India;
(b) According to the information and explanations given to us and based
on the records of the Company examined by us. there are no dues of
Income Tax. Service Tax. Wealth Tax, Custom Duty. Excise Duty and which
have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investors Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
8. The Company has accumulated losses at the end of the financial year
and it has incurred cash losses in the current year.
9. According to the records of the Company examined by us and as per the
ingornation and explanations given to us, the Company has not availed of
any loan from any financial institution or banks and has not issued
debentures.
10. In our opinion and according to the information and explanations
given to us that company has not not given any guarantee for loan taken
by others from bank or financial institution
11. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loan during the year.
12. During the course of our examination of the books and records of the
Company carried in accordance with the auditing standards generally
accepted in India, we have neither come across any instance of fraud on
or by the Company noticed or reported during the course of our audit nor
have been informed of any such instance by the Management.
For K. R. TIWARI & Co.
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 111003W
K.R. TIWARI
Proprietor
MEMBERSHIP NO. 043003
Place: Mumbai
Date: 30-05-2015
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