| 1. We have audited the accompanying financial statements of Has
Lifestyle Limited, which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss for the year the ended and a
summary of 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 in
section 134(5) of the Companies act, 2013 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 Companies Act, 2013, 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 asset 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 responsible and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the adequacy 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing specified under section 143(10) of the
Companies Act, 2013. 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.
4. 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. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion / qualified
audit opinion / adverse audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the 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 profit for
the year ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order 2015 issued
by the Company Law Board in term Section 143(11) of the Companies Act,
2013, we give in the Annexure, a statement on the matter specified in
paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we report that:
a. we have 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 appears from our examination of those
books.
c. The Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards under
Section 133 of the Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014.
e. On the basis of written representations 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 Section 164(2) of the Companies Act,
2013.
(Referred to in Paragraph 7 of the Auditors report of even date to the
members of Has Lifestyle Ltd. on the financial statement for the year
ended 31st March 2015.)
i) (a) The Company is maintaining proper records to show full
particulars including quantitative details and situation of Fixed
Assets.
(b) The fixed assets of the company are physically verified by the
management during the period. No material discrepancies were notified
by the management on such verification.
ii) (a) The inventory of the Company is physically verified by the
management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us the procedure of verification of the inventory followed by
the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, the record system is adequate.
iii) The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the registered maintained
under section 189 of the Companies Act, 2015.
iv) There is an adequate internal control procedure commensurate with
the size of the Company and the nature of its business for the purchase
of fixed assets, raw material and sale of goods & services. There is no
continuing failure to correct major weaknesses in internal control
system.
v) The directives issued by Reserve Bank of India and the provision of
Section 73 to 76 or any other relevant provision of the Companies Act
and the Rule framed thereunder has been complied by the company.
vi) According to information and explanation given to us the
maintenance of cost record has not been prescribed by the Central
Government under section 148(1) of the Companies Act, 2013
vii)(a) The company is generally regular in depositing undisputed
statutory dues including provident fund employee's state insurance,
income tax, sales tax and service tax. The undisputed statutory dues as
at the last day of the financial period concerned outstanding for the
period of more than six month from the date they became payable is Nil.
(b) There is no dispute for payment of any statutory dues mentioned
above.
(c) There is no requirement to transfer any amount to Investor
Education and Protection Fund.
viii) The Company's accumulated losses at the end of the financial year
are not more than fifty percent of its net worth and it has not
incurred cash losses in such financial year.
ix) The Company has not defaulted in repayment of dues on loan taken
from bank.
x) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
xi) The Company has applied the loan for the purpose for which it was
taken.
xii) In our opinion and according to the information and explanations
given to us, no significant fraud on the Company has been notified or
reported by the management during the period that ultimately causes the
financial statement to be materially misstated.
FOR S.V.NIPHADKAR & CO.
CHARTERED ACCOUNTANTS
Sd/-
SUHAS NIPHADKAR
(PROPRIETOR)
M.N. 41578
DATE: 29/05/2015
PLACE: MUMBAI
|