Mar 31, 2018
Report on the standalone Financial Statements Opinion
We have audited the accompanying Standalone financial statements of M/s. ABans Enterprises Limited (Fomerly Known as Matru-Smriti Traders Limited) (âthe Companyâ) which comprises the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, (statement of changes in equity) and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
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, of the state of affairs of the Company as at March 31, 2018, and profit, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibility of Management for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity 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. 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 implementation and maintenance of 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the companyâs financial reporting process
Auditorâs Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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.
a. 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.
b. 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
c. 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.
d. On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
e. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
f. With respect to the other matters to be included in the Auditorâs 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:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
âAnnexure Aâ to Independent Auditorsâ Report referred to in Paragraph 1 under the heading of âReport on other legal and regulatory requirementsâ of our report of even date.
1) In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars including quantitative details and situation of 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 is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.
c) As the Company has no immovable assets during the year, clause (c) (i) of paragraph 3 of the Order is not applicable to the company.
2) In respect of its Inventories :
a. According to the informationâs and explanation given to us, Physical verification of inventory has been conducted at reasonable intervals by the management.
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 are reasonable and adequate in relation to the size of the Company and the nature of its business. Stock not in possession of the Company are not physically verified by the Company, however the same is certified by the Company to be correct.
c. The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records, having regards to the size of the operations of the company.
3) The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Consequently, the requirement of clause (iii) (a) to clause (iii) (c) of paragraph 3 of the Order is not applicable to the Company.
4) Company has not granted any loans, investments, guarantees and securities covered under section 185 and 186 of the Act.
5) According to the information and explanations given to us, the Company has not accepted any deposits within the meaning of provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Therefore, the clause (v) of paragraph 3 of the Order is not applicable to the Company.
6) To the best of our knowledge and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub section (1) of Section 148 of the Act in respect of the activities undertaken by the Company.
7) In respect of Statutory dues :
a) According to the records of the Company, undisputed statutory dues including Direct and Indirect Taxes and any other statutory dues have been regularly deposited with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues, were outstanding as at March 31, 2018 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax , cess on account of any dispute, which have not been deposited.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank.
9) The company has not raised money by way of initial public offer or further public offer (including debt instruments) or term Loan and hence clause (ix) of paragraph 3 of the Order is not applicable to the Company.
10) Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11) In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
12) In our opinion company is not a nidhi company. Therefore, the provisions of clause (xii) of paragraph 3 of the Order are not applicable to the company.
13) In respect of transactions with related parties :
In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with sections 177 and 188 of the Act and their details have been disclosed in the financial statements etc., as required by the applicable accounting standards.
14) In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private placement or fully or partly convertible debentures during the year and hence clause (xiv) of paragraph 3 of the Order is not applicable to the company.
15) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transaction with the directors or persons connected with him and covered under section 192 of the Act. Hence, clause (xv) of the paragraph 3 of the Order is not applicable to the Company.
16) To the best of our knowledge and as explained, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
âAnnexure Bâ to Independent Auditorsâ Report referred to in paragraph 2(f) under the heading âReport on other legal and regulatory requirementsâ of our report of even date.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the Internal Financial Control over financial reporting of ABans Enterprises Limited (Formerly known as Matru Smriti Traders Limited (âthe companyâ) as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year then ended.
Management Responsibility for the Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, considering nature of business, size of operations and organizational structure of the entity, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For Paresh Rakesh & Associates
Chartered Accountants
(Firm Registration no. 119728W)
Rakesh Chaturvedi
Partner
Membership No.: 102075
Place: Mumbai
Date: 21/05/2018
Mar 31, 2015
We have audited the accompanying financial statements of Matru-Smriti
Traders Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss and 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 stated
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 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
provision of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and
application of the appropriate accounting policies; making judgements
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
fair 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.
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 judgement, 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 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 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 31st March, 2015, and its Profit and its 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 143 of the Act , 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
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, 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 31st March, 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. There were no amounts which are required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
Other Matters.
The financial statements of the Company for the year ended March 31,
2014 ,were audited by another auditor whose report dated May 29, 2014
expressed an unmodified opinion on those statements.
Annexure referred to in paragraph 1 under the heading Report on other
legal and regulatory requirements of our report of even date
i. The Company does not have any Fixed Assets , Hence Clause (i) of
paragraph 3 of the Order is not applicable to the Company.
ii. The Company has not dealt with Inventory during the year, Hence
Clause (ii) of paragraph 3 of the Order is not applicable to the
Company.
iii. The Company has not granted any loans, secured or unsecured to
companies, firm or other parties covered in the register maintained
under Section 189 of the Act. Consequently, the requirement of Clause
(iii) (a) and Clause (iii) (b) of paragraph 3 of the Order is not
applicable to the Company.
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 nature of its business for sale of
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
v. According to the information and explanations given to us, the
Company has not accepted any deposits within the meaning of provisions
of sections 73 to 76 or any other relevant provisions of the Act and
the rules framed thereunder. Therefore, the provisions of Clause (v) of
paragraph 3 of the Order are not applicable to the Company.
vi. As per information and explanations as produced before us,
maintenance of Cost records has not been prescribed for the Company.
Hence, Clause (vi) of paragraph 3 of the Order are not applicable to
the Company
vii. In respect of Statutory dues :
a. According to the records of the Company, undisputed statutory dues
Direct Tax, Indirect Tax and any other statutory dues have been
generally regularly deposited with appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31,2015.
b. According to the information and explanations given to us, there
are no disputed statutory dues outstanding as on 31st March 2015.
c. There were no amounts which are required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
viii. The Company has not incurred cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
ix. The Company has no Loans from Bank, Financial Institutions or from
debenture holders. Hence, Clause (ix) of paragraph 3 of the Order is
not applicable to the Company.
x. In our opinion and 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 Institutions during the year.
Therefore, the provisions of clause (x) of paragraph 3 of the Order are
not applicable to the Company.
xi. The Company has not raised any term loans during the period under
audit hence clause (xi) of paragraph 3 of the Order are not applicable
to the Company.
xii. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
Date: 30,n May 2015 For Paresh Rakesh & Associates
Place: Mumbai Chartered Accountants
FRN: 119728W
Sd/-
Rakesh Chaturvedi
Partner
M. no:102075
Mar 31, 2014
I have audited the accompanying financial statements of Matru Smriti
Traders Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and for the year
ended, and a summary of the significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control 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
Our responsibility is to express an opinion on these financial
statements based on our audit. I conducted audit in accordance with the
Standards on Auditing issued by the Institute of Chartered Accountants
of India. Those Standards require that I comply with the 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 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 the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for audit opinion.
Opinion
In my opinion and to the best of our information and according to the
explanations given to us, 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the Cash Flows for the
period ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, I give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) I have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of my
audit.
(b) In my 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.
(c) The Balance Sheet, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account.
(d) In my opinion, the Balance Sheet, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 & taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) I am informed that Fixed Assets has been physically verified by the
management and no discrepancies were observed between book record and
physical verification.
(c) The Company has disposed off substantial part of Fixed Asset during
the year which has no effect to its going concern.
(ii) In my opinion and according to the information and explanation
given to me the company does not hold any inventories during the period
under review; hence the clause (ii) (a) to (c) of the said order is not
applicable.
(iii) In my opinion and according to the information and explanation
given to me there are adequate internal control procedures commensurate
with the size of the company and the nature of its business, for the
purchase and sale of inventory, fixed assets and with regard to the
sale of services. During, the course of my audit, I have not observed
any continuing failure to correct major weakness in internal controls.
(iv) The company has no transactions of purchase and sale of services
made in pursuance of contracts and arrangements entered in the register
mentioned under section 301 of the Companies Act and aggregating during
the year to Rs. 500000/- or more in respect of each party.
(v) The Company has not taken unsecured loan from companies, listed in
the register maintained under sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the other terms & conditions of such
loans are not prima facie prejudicial to the interest of the company.
(vi) The Company has not given interest free loans to employees.
(vii) The company has not accepted any deposit from public under
provisions of section 58A of the Companies Act, 1956 and accordingly,
the provision of section 58A of the Companies Act and Rules framed
there under are not applicable.
(viii) The Company is not required to have an internal audit system.
(ix) As explained to me the Company has not been prescribed by the
Central Government to maintain cost records under Sec 209(1) (d) of the
Companies Act, 1956.
(x) The Company is regular in depositing undisputed statutory dues
including Income tax, Service Tax, Wealth Tax, customs duty, excise
duty, cess and any other material statutory dues wherever applicable
with the appropriate authorities. I am informed that there are no
arrears of outstanding statutory dues as on 31st March 2014, which are
outstanding for more than six months.
(xi) According to the information and explanations given to me, no
personal expenses of employees or directors have been charged to the
revenue account, other than those payable under contractual obligations
with the generally accepted business practice.
(xii) The company is not a Sick Industrial Company within the meaning
of Clause (O) of sub-section 1 of section 3 of the Sick Industrial
Companies (Special Provision) Act, 1985.
(xiii) In my opinion and according to the information and explanation
given to me, the company has no dues outstanding with the financial
institutions, banks as at the balance sheet date.
(xiv) The company has not granted any loans or advance on the basis of
security by way of pledge of shares and debentures or any other
securities.
(xv) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of the
companies (Auditor''s Report) Order, 2003 are not applicable to the
companies.
(xvi) The company has, in my opinion maintained proper records and
contracts with respect to its investments & dealing in shares and
securities where the timely entries of transaction are made in the
register maintained for it. All investments at the close of the year
are held in the name of the company.
(xvii) The Company has not given any guarantee for loans taken by
others from banks or financial institutions.
(xviii) In my opinion the company is not a dealer or traders in share
securities, debenture and other investments.
(xix) In my opinion and according to the information and explanation
given to me, the company has not taken any term loan.
(xx) According to the information and explanations given to me and on
an overall examination of the Balance sheet of the company, I report
that the no fund raised on short term basis have been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xxi) The company has not made any preferential allotment of shares
during the year.
(xxii) The company has not issued any debentures.
(xxiii) The company has not raised any money by public issue during the
year.
(xxiv) 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.
(xxv) During the course of my examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India, and I have neither come across any
instance of fraud on or by the company, noticed or reported during the
period nor I have informed of such case by the management.
For H. K. Dedhia & Co.
Chartered Accountants
Hasmukh Dedhia
Proprietor
Membership No.: 30839
Place: Mumbai
Date: 29/05/2014
Mar 31, 2013
I have audited the accompanying financial statements of Matru Smriti
Traders Limited ("the Comoanv", whirh compnse the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss for the
summary of the significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of thp
SeCt,0n 211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the desicn statements that g,ve a true and fa.r v.ew and are
free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow statement, of the Cash Flows for the
period ended on that date.
Report on Other Legal and Regulatory Requirements
2. As required by Section 227(3) of the Act, we report that:
explanations which to the best of our knowledge and belief were
necessary for the purposes of my audit.
(b) in my 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
ANNEXURE TO THE AUDITORS'' REPORT
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) I am informed that Fixed Assets has been physically verified by the
management and no discrepancies were observed between book record and
physical verification.
(c) The Company has not disposed off substantial part of Fixed Asset
during the year to effect to its going concern.
(ii) in my opinion and according to the information and explanation
given to me the company does not hold any inventories during the period
under review; hence the clause (ii) (a) to (c) of the said order is not
applicable.
(iii) In my opinion and according to the information and explanation
given to me there are adequate internal control procedures commensurate
with the size of the company and the nature of its business for the
purchase and sale of inventory, fixed assets and with regard to the
sale of services During the course of my audit, I have not observed any
continuing failure to correct major weakness in internal controls.
(iv) The company has no transactions of purchase and sale of services
made in pursuance of contracts and arrangements entered in the register
mentioned under section 301 of the Companies Act and aggregating during
the year to Rs. 500000/- or more in respect of each party.
(v) The Company has not taken unsecured loan from companies, listed in
the register maintained under sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the other terms & conditions of such
loans are not prima facie prejudicial to the interest of the company.
(vi) The Company has not given interest free loans to employees. (vii)
The company has not accepted any deposit from public under provisions
of section 58A of the Companies Act, 1956 and accordingly, the
provision of section 58A of the Companies Act and Rules framed there
under are not applicable.
(viii) The Company is not required to have an internal audit system.
(ix) As explained to me the Company has not been prescribed by the
Central Government to maintain cost records under Sec 209(1) (d) of the
Companies Act, 1956.
(x) Ihe Company is re8ular in depositing undisputed statutory dues
including Income tax, Service Tax Wealth Tax, customs duty, excise
duty, cess and any other material statutory dues wherever applicable
with the appropriate authorities. I am informed that there are no
arrears of outstanding statutory dues as on 31 March 2013, which ae
outstanding for more than six months.
(xi) According to the information and explanations given to me, no
personal expenses of employees or directors have been charged to the
revenue account, other than those payable under contractual obligations
with the generally accepted business practice.
(xii) The company is not a Sick Industrial Company within the meaning
of Clause (O) of sub-section 1 of section 3 of the Sick Industrial
Companies (Special Provision) Act, 1985.
(xiii) in my opinion and according to the information and explanation
given to me, the company has no dues outstanding with the financial
institutions, banks as at the balance sheet date.
(xiv) The company has not granted any loans or advance on the basis of
security by way of pledge of shares and debentures or any other
securities.
(xv) in our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore the provisions of clause (xiii) of the
companies (Auditor''s Report) Order, 2003 are not applicable to the
companies.
(xvi) The company has, in my opinion maintained proper records and
contracts with respect to its investments & dealing in Shares and
securities where the timely entries of transaction are made in the
register maintained for it. All investments at the close of the year
are held in the name of the company.
(xvii) The Company has not given any guarantee for loans taken by thers
from banks or financial institutions.
(xviii) In my opinion the company is not a dealer or traders in share
securities, debenture and other investments.
(xix) In my opinion and according to the information and explanation
given to me, the company has not taken any term loan.
(xx) According to the information and explanations given to me and on
an overall examination of the Balance sheet of the company, I report
that the no fund raised on short term basis have been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xxi) The company has not made any preferential allotment of shares
during the year.
(xxii) The company has not issued any debentures.
(xxiii) The company has not raised any money by public issue during the
year.
(xxiv) 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.
(xxv) During the course of my examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India, and I have neither come across any
instance of fraud on or by the company, noticed or reported during the
period nor I have informed of such case by the management.
For H. K. Dedhia & Co.
Chartered Accourtants
Hasmakh Dedhia
Proprietor
Mem. No: 30839
Place: Mumbai
Date: 29.05.2013
Mar 31, 2011
1 I have audited the attached Balance Sheet of MATRU SMRITI TRADERS
LTD. as at March 31, 2011 and the Profit and Loss Account for the year
ended on that date These financial statements are the responsibility of
the Company''s management. My Responsibility is to express an opinion
on these financial statements based on my audit.
2 I conducted the audit in accordance with the auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test check the basis, evidence supporting the
amounts and diclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation . I believe that our audit provides a
Reasonable basis for our opinion.
3 As required by the Companies (Auditor''s Report) Order, 2003 issued
by the company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956, I enclose in the Annexture, a statementon the matters
specified in paragraph 4 and 5 of the said Order.
4 Further to our comments in the Annexture referred to in paragraph 3
above:
a) I have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of my
audit;
b) In my opinion, proper books of accounts as required by Law have been
kept by the company so far as it appears from my examination of such
books;
c) In my opinion the Balance Sheet and Profit and Loss Account referred
to in this report are in agreement with the books of account.
d) In my opinion the Balance Sheet and Profit and Loss Account comply
with the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956;
e) On the basis of written representation received from the Directors
and taken on record by the The Board of Directors I report that none of
the said directors of the Company are disqualified as on March 31, 2011
from being appointed as a Director under Clause (g) of Sub-section (1)
of Section 274 of the Companies Act, 1956
f) In our opinion the Cess payable is not applicable
g) In my opinion and to the best of my information and according to the
explanations given to me. The said Balance Sheet and Profit and Loss
Account read together with notes thereon, give the Information required
by the Companies Act, 1956 in the manner so required and give a true
and Fair view in conformity with the accounting principles generally
accepted in india.
i) In case of the Balance Sheet, of the state of affairs of the company
as on March 31 2011 and
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(REFERRED TO IN PARAGRAPH 1 OUR REPORT OF EVEN DATE)
1. The Compay does not have any stocks.
2. In my opinion and according to the information and explanation
given to me, the company has a reasonable system of authorization at
proper levels and there is adequate internal control procedure
commensurate with the size of the company and the nature of its
business with regards to the sale of services.
3. The Company has no transactions of purchase and sale of services
made in pursuance of contracts and arrangements entered in the register
mentioned under section 301 of the Companies Act and aggregating during
the year to Rs. 5,00,000/- or more in respect of each party.
4. The Company has not taken unsecured loan from companies, listed in
the register maintained under Sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the.other terms & conditions of such
loans are not prima facie prejudicial to the interest of the company.
5. The Company has not granted unsecured loans to companies, listed in
the register maintained under sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the other terms & conditions of such
loans are not prima facie prejudicial to the interest of the company.
6. The Company has not given interest free loans to employees.
7. The Company has not accepted any deposit from public to which the
provisions of Sec 58A & 58AA of the Companies Act, 1956 and the rules
framed there under are applicable.
8. The Company is not required to have an internal audit system
9. As explained to us, the Company has not been prescribed by the
Central Government to maintain cost records under Sec 209(1)(d) of the
Companies Act 1956.
10. According to the information and explanations given to me, there
are no undisputed amounts payable in respect of Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise duty which were outstanding as on MARCH
31,2011 for a period more than six months from the date they become
payable.
11. According to the information and explanations given to me, no
personal expenses of employees or directors have been charged to the
revenue account, other than those payable under contractual obligations
or in accordance with the generally accepted business practice.
12. The Company is not a sick industrial company within the meaning of
clause (o) of sub section 3 of the Industrial Companies (special
provision) Act, 1985
13. The Company does not have a system of allocating man-hours utilised
to relaative jobs.
14. According to the records of the compay examined by us and the
information and explanation given to us the company has not defaulted
in repayment of dues to any financial institutions or bank or debenture
holder as at the balance sheet date.
15. In our opinion, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
16. The Provisions of any special statute applicable to chit funds/
nidhi/ mutual benefit fund/ societies are not applicable to the
company.
17. In our opinion, the company is not a dealer or traders in share,
securities, debenture and other investments.
18. The company has not given any guarantee for the loans taken by
others from banks or financial institutions during the period.
19. In our opinion and according to the information and explanation
given to us, the company has not taken any term loan.
20. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and we have neither come across any
instance of fraud on or by the company, noticed or reported during the
period nor we have informed of such case by the management.
For H.K. Dedhia & Co.
Chartered Accountants
Hasmukh Dedhia
Proprietor
Place: Mumbai
Date: 03.09.2011
Mar 31, 2010
1 I have audited the attached Balance Sheet of MATRU SMRITI TRADERS
LTD. as at March 31, 2010 and the Profit and Loss Account for the year
ended on that date.
These financial statements are the responsibility of the Company''s
management. My Responsibility is to express an opinion on these
financial statements based on my audit.
2 I conducted the audit in accordance with the auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test check basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. I believe that our audit provides a
Reasonable basis for our opinion.
3 As required by the Companies (Auditor''s Report) Order, 2003 issued by
the company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956,1 enclose in the Annexture, a statement on the matters
specified in paragraph 4 and 5 of the said Order.
4 Further to our comments in the Annexture referred to in paragraph 3
above:
a) I have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of my
audit;
b) In my opinion, proper books of accounts as required by Law have been
kept by the company so far as it appears from my examination of such
books;
c) In my opinion the Balance Sheet and Profit and Loss Account referred
to in this report are in agreement with the books of account.
d) In my opinion the Balance Sheet and Profit and Loss Account comply
with the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956;
e) On the basis of written representation received from the Directors
and taken on record by the The Board of Directors I report that none of
the said directors of the Company are disqualified as on March 31, 2010
from being appointed as a Director under Clause (g) of Sub-Section (1)
of Section 274 of the Companies Act, 1956
f) In our opinion the Cess payable is not applicable
g) In my opinion and to the best of my information and according to the
explanations given to me, The said Balance Sheet and Profit and Loss
Account read together with notes thereon, give the Information required
by the Companies Act, 1956 in the manner so required and give a true
and Fair view in conformity with the accounting principles generally
accepted in India:
I) In case of the Balance Sheet, of the state of affairs of the company
as on March 31,2010 and
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
MATRU SMRITI TRADERS LTD.
ANNEXURE TO THE AUDITOR''S REPORT (REFERRED TO IN PARAGRAPH 1 OUR
REPORT OF EVEN DATE)
1 The Company does not have any stocks.
2 In my opinion and according to the information and explanations given
to me the company has a reasonable system of authorization at proper
levels and there is adequate internal control procedure commensurate
with the size of the company and the nature of its business with
regards to the sale of services.
3 The Company has no transactions of purchase and sale of services made
in pursuance of contracts and arrangements entered in the register
mentioned under section 301 of the Companies Act and aggregating during
the year to Rs 5,00,000 /- or more in respect of each party.
4 The Company has not taken unsecured loan from companies, listed in
the register maintained under sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the other terms & conditions of such
loans are not prima facie prejudicial to the interest of the Company.
5 The Company has not granted unsecured loans to companies, listed in
the register maintained under sec 301 of the Companies Act, 1956. In my
opinion the rate of interest and the other terms & conditions of such
loans are not prima facie prejudicial to the interest of the Company.
6 The Company has not given interest free loans to employees.
7 The Company has not accepted any deposit from public to which the
provisions of Sec 58A & 58AA of the Companies Act, 1956 and rules
framed thereunder are applicable.
8 The Company is not requireo to have an internal audit system.
9 As explained to us, the Company has not been prescribed by the
Central Government to maintain cost records under Sec 209(1 )(d) of the
Companies Act, 1956.
10 According to the information and explanations given to me, there are
no undisputed amounts Payable in respect of Income Tax, Sales Tax,
Wealth Tax, Custom Duty and Excise duty which were outstanding as at
MARCH 31, 2010 for a period more than six months from the date they
become payable
11 According to the information and explanations given to me, no
personal expenses of employees or directors have been charged to the
revenue account, other than those payable under Contractual obligations
or in accordance with the generally accepted business practice.
12 The Company is not a sick industrial compnay within the meaning of
clause (O) of sub sectton 3 of the sick industrial companies (special
provision) Act, 1985.
13 The Company does not have a system of allocating man-hours utilised
to relaative jobs.
14 According to the records of the company examined by us and the
information and explanation given to us the company has not defaulted
in repayment of dues to any financial institutions or bank or debenture
holder as at the balance sheet date.
15 In our opinion, the Company has not granted loans and advances on
the basis of security by way of pledge of shares, debentures and other
securities.
16 The Provisions of any sepcial statute applicable to chit funds/
nidhi / mutual benefit fund / societies are not applicable to the
company.
17 In our opinion , the company is not a dealer or traders in share,
secutities, debentures and other investments.
18 The Company has not given any guarantee for the loans taken by
others from banks or financial institutions during the period.
19 In our opinion and according to the information and explanation
given to us, the company has not taken any term loan.
20 During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and we have neither come across any instance of
fraud on or by the company, noticed or reported during the period, nor
we have informed of such case by the management.
For H.K. Dedhia & Co.
Chartered Accountants
Place: Mumbai
Dated: 04.08.2010 Hasmukh Dedhfa
Proprietor