| We have audited the accompanying standalone financial statements of
HAZOOR MULTI PROJECTS LIMITED ('the company') which comprise the
Balance Sheet as at 31st March 2015 the Profit and Loss statement, 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters
state 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 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
others irregularities; selection and applications of appropriate
accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementations 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 standalone
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
specified under the sections 143 (10) of the Act. Those Standards
requires that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the standalone
financial statements are free from material misstatements.
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 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 systems 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 the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 the Cash Flows Statement, of the 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 (11) of section 143 of the Companies
Act, 2013 we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. 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
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 examinations of
those books.
c. the Balance Sheet, the Profit and Loss statement, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the aforesaid standalone 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 Sections 164 (2) of the
Act.
f. With respect to the other matters to be included in the Auditors
Report in accordance with Rules 11 of the Companies (Audit and
Auditor's) 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 March 2015, on its financial position in its
standalone financial statements.
ii) The Company did not have any long-term contracts including
derivative contracts as at 31 March 2015.
iii) There were no amounts which were required to be transferred, to
the investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE OF THE
MEMBERS OF HAZOOR MULTI PROJECTS LIMITED, ON THE STANDALONE FINANCIAL
STATEMENT FOR THE YEAR ENDED ON 31st MARCH, 2015.
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the standalone financial statements of the
Company and taking in to consideration the information an explanation
given to us and the books of account and other records examined by us
in the normal course of audit, we report that;
1) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets on the basis of available information.
(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, reasonable, having regard to size of the company and nature
of its assets. No materials discrepancies were noticed on such
verifications.
2) (a) As explained to us that the inventory has been physically
verified during the year 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 were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of its
inventories and no materials discrepancies were noticed on physical
verifications.
3) 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.
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
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 in such internal control system.
5) In our opinion and according to the information and explanations
given to us the company has not accepted deposits from the public
during the year. Therefore, the provisions of clauses 3 (v) of the
order are not applicable to the company.
6) According to the information and explanations given to us, in our
opinion, the company does not fall under the category of manufacturing
company, therefore, the provisions of clauses 3 (vi) of the order are
not applicable to the company.
7) According to the information and explanations given to us in
respect of statutory dues.
(a) The undisputed statutory dues have been regularly deposited with
appropriate authorities. And we are informed that no amount were
outstanding as at 31st March, 2015 towards undisputed statutory dues
in respects of income tax, sales-tax, wealth-tax, customs duty, excise
duty, cess for a period of more than six months from the date they
become payable.
(b) The Company does not have any disputed statutory dues that have
not been deposited on account of matters pending before appropriate
authorities.
(c) We are informed that no amounts is required to be transferred by
the Investor Education and Protection Fund in accordance with relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
8) In our opinion, there were no accumulated losses of the company at
the end of the financial year and it has not incurred cash losses in
the current year and in the immediately preceding financial year.
9) In our opinion and according to the information and explanations
given to us, the company has not defaulted in the repayment of dues to
the financial institutions and banks.
10) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institution.
11) In our opinion and according to the information and explanations
given to us, the company has not taken term loans during the year.
12) According to the information and explanations given to us, no
fraud by the company and no material fraud on the company has been
noticed or reported during the year.
For G. R. MODI & CO.,
Chartered Accountants
Firm Registration No.112617W
G. R. MODI
Partner
Membership No.15240
Place: Mumbai
Date: 18th May, 2015 |