| We have audited the accompanying Financial Statement of ARUN VARUN
TRADE & INVESTMENT LIMITED (the "Company") which comprise the Balance
Sheet as at 31st March, 2015, the statement of Profit and Loss for the
year ended, Cash Flow Statement for the year 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 are 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 gives a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the Accounting Standards
referred in Section 133 of the Companies Act, 2013 read with rule 7 of
the Companies (Accounts) Rules 2014. This responsibility also includes
the maintenance of the adequate accounting records in accordance with
the provisions of the act for safeguarding the assets of the company
and preventing & detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgement and estimates that are reasonable & prudent; and design
implementation and maintenance of the internal financial control, that
were operating effectively for ensuring the accuracy & completeness of
the accounting records, relevant to the preparation & presentation of
the financial statements that give a true & fair view and are free from
material misstatements, whether due to fraud or error.
Auditors' 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 & auditing standards and
matters which are required to be included in the audit report under the
provisions of the act and rules made there under.
We conducted our audit is in accordance with the Standards on Auditing
specified under 143(10) of the Companies Act 2013 issued by the
Institute of Chartered Accountants of India. 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 auditors' judgment, including the assessment of
the risks of material misstatement of the financial statement, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity'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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanation 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: j
i. in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2015; and
ii. in the case of Statement of Profit and Loss, profit of the company
for the year ended on that date.
iii. in the case of cash flow, cash flows of the company for the year
ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor Report) Order 2015 ("the
Order") issued by the Central Government of India in terms of the
sub-section (11) of section 143 of the Act, we give in the annexure
statement on the matters specified in the paragraphs 3 and 4 of the
order to the extent applicable.
2. As required by section 143 (3) of the Act, we report that: -
. i. We have sought and obtained all the information and explanation,
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
ii. 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;
iii. The Balance Sheet and Statement of Profit and Loss, and Cash Flow
Statements dealt with by this report are in agreement with the books of
account;
iv. 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.
v. On the basis of written representations received from the
directors, as on 31st March 2015 and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
31st March 2015 from being appointed as a director in terms of of
sub-section (2) of section 164 of the companies Act, 2013;
vi. 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:
a. Company does not have any pending litigations which would impact
its financial position;
b. Company did not have any long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
c. There were no amounts which 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 Auditor's Report of even
date to the members of the company on the standalone financial
statements for the year ended 31st March 2015, in the paragraph 1 under
the heading "Report on other legal & regulatory requirements" of the
ARUN VARUN TRADE & INVESTMENT LIMITED]
i) a) The Company has maintained proper records showing full
particulars including quantitative
details and situation of fixed assets.
b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
ii) a) The Stock-in trade i.e., inventories have 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 explanation
given to us, the procedure of physical verification of stocks followed
by the Management is reasonable and adequate in relation to the size of
the company and nature of its business.
c) No discrepancies were noticed between the book records and physical
records. On the basis of our examination Company is maintaining proper
records of the inventory.
iii) a) There is no entity covered in the register maintained under
section 189 of the Company's Act 2013, to which company has granted the
loans.
b) The Company has not granted any loans; hence the question of prima
facie prejudicial to the interest of the company does not arise.
c) The Company has not granted any loans; hence the question of
regularity in receipt of the principle amount and interest also does
not arise.
d) The Company has not granted any loans; hence the question of overdue
amount more than rupees one lakh and recovery thereof does not arise.
iv) In our opinion, and according to the information and explanations
given to us there are adequate internal control system commensurate
with the size of the company and nature of its business and regard to
purchase of inventory, 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 explanation
given to us, we have neither come across nor have been informed of any
continuing failure major weakness in the aforesaid internal control
system.
v) In our opinion and according to information given to us during the
course of audit, the company has not accepted any deposit within the
meaning of provisions of Section 73 to Section 76 or any other relevant
provisions under the companies Act 2013.
vi) To the best of our knowledge and according to information given to
us during the course of audit, the Central Government has not
prescribed the maintenance of cost records under Section 148 (1) of the
Companies Act, 2013 for the products of the company.
vii) (a) The company is regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
employee's state insurance, income tax, sales tax, service tax, custom
duty, cess and other material statutory dues applicable to it. In our
opinion and according to the information and explanations given to us
during the course of audit, the provisions of, wealth tax, excise duty
and employees' state insurance are not applicable to the company.
According to the information and explanation given to us during the
course of audit, no undisputed amounts payable in respect of statutory
dues were in arrears, as at 31st March, 2015 for a period of more than
six months from the date they became payable.
(b) According to the information and explanation given to us during the
course of audit, there are no dues of income tax, sales tax, service
tax, excise duty, custom duty and cess which have not deposited on
account of any dispute.
(C)There are no amounts that are due 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 made there
under.
viii) The company is profit making. The company has not incurring any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
ix) In our opinion and according to the information and explanations
given to us during the course of audit, the company has not defaulted
in repayment of dues to a financial institution, bank or debenture
holders.
x) In our opinion and according to the information and explanations
given to us during the course of audit, the company has not given
guarantees for any third party loans.
xi) In our opinion and according to the information and explanations
given to us during the course of audit, there is no Term Loans.
xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S.Ramanand Aiyar & Co.
Chartered Accountants
(FRN:000990N)
Bined C.Maharana
Partner
(Membership No.: 056373)
Place: Mumbai
Date: 29/05/2015
|