| We have audited the accompanying financial statements of Aroma
Enterprises (I) Limited (Earlier known as Sirhind Enterprises Ltd.)
(the Company), which comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended 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 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.
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 thereunder.
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 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, 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 estimates made by Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence which we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on 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 31 March 2015 and its profit 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 the paragraph 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 & 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 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
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 March 31, 2015, 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; 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. the Company has disclosed the impact, if any, of pending
litigations, as at 31.03.2015, on its financial position in its
financial statements;
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 including derivative 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 to Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. According to the information and explanation
given to us, no material discrepancies were noticed on such physical
verification.
2. In respect of its inventories:
a) The inventories have been physically verified during the period by
the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, 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.
c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted by the
Company to companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act, 2013:
a) The terms of arrangements do not stipulate any repayment schedule
and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b)
of the Order is not applicable to the Company in respect of repayment
of the principal amount.
b) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the parties listed in the register maintained
under section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
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, we have neither come across, nor have been
informed of, any continuing failure to correct major weaknesses in the
aforesaid internal control system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act and the same is not applicable
to the Company.
7. In respect of statutory dues:
a) According to the information and explanations given to us and on the
basis of records of the Company, undisputed statutory dues including
Provident Fund, Employees' State Insurance, Income-Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other
material statutory dues have been regularly deposited with the
appropriate authorities except TDS. According to the information and
explanations given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at March 31, 2015 for a period
of more than six months from the date of becoming payable except TDS
amounting to Rs.273823/-.
b) Details of dues of Income Tax, Sale Tax, Custom Duty and Excise Duty
which have not been deposited as on March 31, 2015 on account of
disputes are given below:
Sr. Name of the Nature of Amt. Period to Forum where
No. Statute the Dues (in Rs.) which dispute is
the pending
amount
elates
1 - - - - -
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. There are no accumulated losses in the books of Accounts of the
Company. Company has not incurred any cash losses during the financial
year and in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
10. According to the information and explanation given to us by the
management, Company has not given any guarantees for loans taken by
others from banks and financial institutions during the year.
Accordingly, the provisions of clause 3(x) of the Order are not
applicable to the Company.
11. The Company has not raised any term loans during the Period so the
question of application of same does not arise.
12. To the best of our knowledge and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the Period.
FOR S.D. MOTTA ASSOCIATES
Chartered Accountants
F.R.N. - 119681W
Date : 30/05/2015
Place : Dombivali
SANJAY MOTTA
Proprietor
Mem. No. 107688
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