| We have audited the accompanying Financial Statements of SIGRUN HOLDING
LIMITED (" the Company") which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and the Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management 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 standalone 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
issued by the Institute of Chartered Accountants of India. Those
standards require that we comply with 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 auditors' judgment, including the assessment of
the risks of material misstatement of the Financial Statements, whether
due to fraud or error. In making those risk assessment, auditor
considers internal control relevant to the Company's preparation and
presentation of the Financial Statements the 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 the
effectiveness risk assessments, of the Company's internal control. 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 gives to us, the Financial Statements give the information
required by the Companies Act, 2013 in the manner so required and give
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;
(b) In the case of the Statement of Profit and Loss, of the loss for
the year ended 31st March 2015.
(c) In the case of the Cash Flow Statement, of the cash flow 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 Companies Act, 2013. We give in
the Annexure, a statement on the matters specified in paragraph 3& 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 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 accounts as required by the law
have been kept by the company so far as it appears from our examination
of the books.
(c) The balance sheet , the Statement of Profit & Loss and Cash Flow
Statement 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 representation received from the directors
as on March 31, 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in Para 1 of our Report of even date on the
financial statements for the year ended 31st March 2015 of SIGRUN
HOLDING LIMITED
Based on the audit procedures performed for the purpose of reporting a
true and fair view of the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books and other records examined by us in the normal course of
our audit, in our opinion and to the best of our knowledge we report
that:
I.
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed asset.
(b) Fixed asset was physically verified during the year by the
management, which in our opinion is considered reasonable. No material
discrepancies were noticed on such verification.
II. Having regard to the nature of company's business/activities/results
during the year, Clause (ll) and its sub-clauses of paragraph 3 of the
order are not applicable to the company.
III. The company has taken unsecured loan from a single firm covered
under section 189 of the Companies Act 2013.The maximum balance of the
loan is Rs. 17.66 lacs and yearend balance of the loan is Rs. 17.66
lacs.
(a) In respect of loans taken, repayment of the principal amount is on
demand.
(b) The overdue amount is not more than Rs 1 lacs.
IV. There is an adequate internal control system commensurate with the
size of the company and the nature of its business, with regard to the
fixed assets and the sale of goods and services. On the basis of above
test check carried by us, there is no continuing failure to correct
major weakness in the internal controls.
V. The Directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the rules framed there under have been complied
with in respect of deposits accepted from the public, However company
has not accepted public deposit for the year ended 31st March 2015.
VI. The Company has not been prescribed by the Central Government
under section 148(1) of the Companies Act, 2013 to maintain cost
records.
VII.
(a) The Company has been regular in depositing undisputed statutory
dues including Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess, VAT and other material statutory dues with
appropriate authorities.
(b) On the basis of examination of the books of account, there is no
due of Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of customs,
Duty of Excise ,Vat , Cess which is disputed and not deposited.
(c) The requirement of transferring amount to Investor and Education
Protection Fund is not applicable to the company.
VIII. The Company has accumulated losses amounting to Rs 27760.95 lacs
at the end of the financial year covered by the audit which is more
than 50% of its net worth. The company has incurred cash losses in the
current year amounting to Rs 12.74 lacs and in the immediately
preceding financial year amounting to Rs.10.62 lacs.
IX. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank as at the
balance sheet date.
X. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
XI. In our opinion and according to the information and explanations
given to us and on an overall examination,
the company has not taken any term loan during the year.
XII. As explained to us, no fraud on or by the Company has been noticed
or reported during the period covered by our audit.
For SARDA & PAREEK
Chartered Accountants
FRN 109262W
Sd/-
CA. Giriraj Soni
Partner
Memb No: 109738
Place: Mumbai
Date: 30th May, 2015
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