| 1. We have audited the accompanying financial statements of M/s.
TARANG PROJECTS AND CONSULTANT LIMITED ("the Company"), which comprise
the Balance Sheet as at March 31, 2015, the Statement of Profit and
Loss, the Cash Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 financial statements to 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules
made thereunder including the accounting standards and matters which
are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the 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 financial control relevant
to the Company's preparation of the financial statements that 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 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. 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
8. 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 March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
9. As required by 'the Companies (Auditor's Report) Order, 2015',
issued by the Central Government of India in terms of sub-section (11)
of Section 143 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
10. 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 it appears from our examination of
those books, except that the back up of the books of accounts and other
books and papers maintained in electronic mode has not been maintained
on servers physically located in India.
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 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 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.
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 knowledge and belief
and according to the information and explanations given to us:
1. The Company has disclosed the impact, if any, of pending litigations
as at March 31, 2015 on its financial position in its financial
statements .
2. The Company did 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.
ANNEXURE TO AUDITORS REPORT
i. a) The company has maintained proper records to show full
particulars and situation of its fixed assets.
b) The fixed assets have been physically verified by the management
during the year as per their regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of the assets. No material discrepancies were noticed on
such verification.
ii. The Company does not have stock or inventory.
iii. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly, the provisions of clause
3(iii)(a) and (b) of the Order are not applicable to the Company and
hence not commented upon.
iv. 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
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
v. The Company has not accepted any deposits from the public.
vi. Cost Audit is not applicable to the company.
vii. A. The company is generally regular in depositing appropriate
authorities statutory dues including Provident Fund, ESI, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues to the extent applicable to it.
B. According to the information and explanation given to us, no
undisputed amount is payable in respect of income tax, wealth tax,
sales tax, custom duty, and cess were in arrears as at 31st March, 2015
for a period more than 6 months from the date they become payable.
C. According to the information and explanations given to us, there are
no dues of sales tax, wealth tax, excise duty and cess to the extent
which have not been deposited on account of any dispute.
D. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder.
viii. The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year. The company has profit at the end
of the financial year.
ix. According to the information and explanation given to us, the
company has not taken any loan from any financial institution, bank or
debenture holders.
x. According to the information and explanation given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debenture and other security.
xi. The company is not a chit fund or Nidhi or Mutual Benefit Funds/
Society.
xii. a) According to the information and explanation given to us, the
company is maintaining proper records regarding transaction and
contracts with timely entries.
b) The shares, securities, debentures and other securities, where ever
applicable, have been held by the company, in its own name except to
the extent of the exemption, if any, granted under the act.
xiii. According to the information and explanation given to us, and on
overall examination of the Balance Sheet of the company, we report that
the company has not borrowed Term Loan during the year nor there were
any outstanding as on 31-03-2015.
xiv. According to the information and explanation given to us, and on
overall examination of the Balance Sheet of the company, we report that
no funds raised on the short term is used for long term basis and no
long term funds are used for short term basis.
xv. According to the information and explanation given to us, we
report that no debentures or shares allotted during the year by the
company.
xvi. The company has not raised any money by public issues during the
year.
xvii. Based on the audit procedures applied by us and according to the
information and explanation given to us, we report that no fraud on or
by the company has been noticed or reported during the course of our
audit.
For R Agrawal & Associates
Chartered Accountants
Firm Regn. No. 026544N
Rakesh Kumar Agrawal
Proprietor
Membership No. 065309.
Place: Ghaziabad
Date : May 29, 2015
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