| We have audited the accompanying Financial Statements of M/s Magnum
Limited, ("the company"), which comprise the Balance Sheet as at 31
March 2015, the Statement of Profit and Loss, the 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 in
section 134(5) of 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 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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 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.
involves performing procedures to obtain audit evidence about the
amounts and in the financial statements. The procedures selected depend
on the auditor's judgment, the assessment of the risks of material
misstatement of the financial statements, whether or error. In making
those risk assessments, the auditor considers internal financial
relevant to the Company's preparation of the financial statements that
give true and fair view 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 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;
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 on that date; and
c. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
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 appears from our examination of those
books.
c. The Balance Sheet, the Statement of Profit and Loss, and 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 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 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
Annexure to the Auditors Report of even date to the Members of M/s
Magnum Limited on the Financial Statements for the Year Ended 31st
March, 2015
1 Fixed Assets
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
b. All the fixed assets of the Company had been physically verified by
the management once during the year, which in our opinion is reasonable
having regard to the size of the Company and nature of its business. No
material discrepancy was noticed during such verification;
c. The Company has not disposed off any part of the fixed asset during
the year.
2. inventories
a. Since there are no Inventory, hence this clause is not applicable.
3. Loans and Advances to Companies
During the year, the Company has not granted any secured or unsecured
loans to Companies listed in the Register maintained under section 189
of The Companies Act, 2013. Accordingly, the reporting on the terms of
payment of the principal and interest does not arise.
4. Internal Control
In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to
purchase of fixed assets and purchase and sale of goods except stated
earlier. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control.
5. Public Deposits
The company has not accepted any Public Deposits, Also the Company had
not contravened any of 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 and the rules framed there under, where
applicable, have been complied with. Hence the Provision of this Clause
of the said order is not applicable.
6. Cost Audit
To the best of our knowledge and belief, the Central Government has not
prescribed maintenance of under sub-section (I) of section 148 of the
Companies Act, 2013, in respect of Company's product. Accordingly the
Provisions of clause of the Order are not applicable.
7. Statutory Dues
a. According to the information and explanations given to us and on the
basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income tax, Sales tax, Wealth tax, Service tax and
other material statutory dues have not been regularly deposited during
the year by the Company with the appropriate authorities. As explained
to us by the Management,the Company did not have any dues on account of
Employees' State Insurance, Customs duty, Excise duty & VAT.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income tax, Sales tax, Wealth tax,
Service tax and other material statutory dues were in arrears as at 31
March, 2015, for a period of more than six months from the date they
became payable.
b. Disputed amounts payable in respect thereof, which are outstanding,
at the year-end for a period of more than six months from the date they
became payable are as follows:
Sr. Name of the Nature of Dues Amount(in Period to which
No Statute Rs. Lakhs) Amount Relates
- Nil -
Sr. Name of the Statute Forum where dispute is pending
No
- Nil -
3. Accumulated Losses
The Company had Accumulated Losses at the end of year. The Company had
incurred cash loss during the Financial Year covered under Audit. The
company had not incurred cash loss during the immediately preceding
previous year.
9. Financial Dues
In our opinion, the Company has not defaulted in repayment of dues to a
financial institution, bank or to debenture holders during the year.
10. Guarantees for Loans
According to the information and explanations given to us, the Company
has not given any guarantee against loans taken by others from banks or
financial institutions.
11. Term Loans
There are no Term Loans during the year, hence the clause is not
applicable.
12. Fraud
No fraud on or by the Company has been noticed or reported during the
year covered by our audit.
For PRAKASH PATWARI & CO.
Chartered Accountants
Firm Registration No.: 325639E
(Prakash Patwari)
Partner
Membership No.: 060583
19th May, 2015
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