| We have audited the accompanying financial state mens of SUJALA TRADING
& HOLDINGS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31 st March, 2015, the Statement of Profit and Loss, the Cash Fœow
Statement for the year then ended, and a summary of Lne significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsib e for the matters stated
in Section 134(5} of the Companies Art, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the fnancial 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 responsibi ity 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 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 operalng 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 tofraud or error.
AUDITOR'S RESPONSIBILITY
Our respansibtlity is to expressan opinion on thesefinancial statements
based on ouraudit.
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 aid 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 complv with ethical re q u ire me nts and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are tree from material misstaleinerl.
An audit involves performing procecures to obtain audit evidence about
the amounts and I he 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 tinanc al
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, b.il nut for the purpose of
expressing an opinion an whether the Company has in place an adequate
internal financial controls system over financial reporting and the ope
rat ng effectiveness of such controls. An audit also ine'udes
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.
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
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,
(a) In the case of the Balance Sheet, of the state of affsirsaf the
Company as al March, 2015; (bj In the case of the Statement of Profit
and Loss, of the Profit for the year ended on that date; and
(t) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
EMPHASIS OF MATTERS
We draw attention to the following matte's in the Motes to the
financial statements
a) As certified by the management and relied upon by us in the matter
that no lawsuits filed ? gainst the company.
h} That the Company has accumulated tosses at the end of the financial
year however its net worth has net been eroded. The Company has not
incurred a net cash loss during the current financial year and in the
immediately previous financial year. However, the Company's current
liabilities do not exceed its current assets as at the balance sheet
date, Our op.non is not modified in respect of these matters,
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
J. We have not reported on internal financial control system as the
same has been deferred by Ministry of Corporate affairs, Government of
India Notification No. G.S.R. 722(E) dated 14th October, 2014.
2. As required by the Companies {Auditor's Report) Order, 2015 issued
hy the Central Government of India in terms of sub-section (IL) of
section 143 of the Act, we qive In the annex urc a statement on the
matters specified in paragraph 3 and 4 of the order.
3. As required by Section 143(3) of the Act, we repurt that:
(a) We have sought and obtained all the information and expianations
which to the best of otrr 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
these books.
(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'i 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) Mutes, 2014.
(c) On the ba sis of the wr i tten represe n ta tio n s rece ived "from
t he d i rectors a s o n 315t Ma r ch, 2015 taken on record by the
Boarc ol Directors, none of the directors is disqualified as an 31st
March, 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 Information and
according to the explanations given to us:
I. The Company does nol have any pending litigations which would impact
Its financial position.
I. The Company did not have any long-term contracts including
derivative contracts fur which there were any material foreseeable
losses.
II, There were no amounts which wore required to be transferred, to the
Investor Education and Protection Fund by the Company.
Referred to in paragraph 2 under the 'Report on Other Legal and
Regulatory Requirements' of our Report of even date on the Accounts for
the year ended on 31.03.2015.
1, a) The Company has1 maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have been physically verifiers by she
management during the year which, in our opinion, is reasonable having
regard to the size of the company and the nature of its business. As
informed no material discrepancies were noticed or such verification.
2. a) During the year, the inventories have been physically verified
by the management Tn our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information given to usr 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.
c) Cn the basis of our examination of the record of Inventories, we are
of the opinion that the Company 1$ maintaining proper records of
inventories. No material discrepancies have been noticed on physical
verification of inventories with book records and the same have been
properly dealt with in the books of accounts.
3. The Company has not granted any sscurcrf/unsecured I nans to
parties cove red in the Register maintained under section LS9 of the
Companies Act. Accordingly, this clause is not app; cable.
4, In our opinion and according to the information and explanations
given to ts, there is an adequate internal contra system commensurate
with the size of the Company and the nature of :ts business,
Further on rhe basis of our examinations and according to the
information and explanations given to us we have neither come across
nor have we been informed of any instance of major weakness in the
aforesaid internal control systems.
5- The Company has nut accepted ary deposits from the public. In our
opinion and according to the information and explanations given to us
the, directives issued by the Reserve Sank of India and the pravisrons
of sections 73 to 76 or any other relevant provisions of the companies
Act end the rules framed there under, to the extent appl cable have
been complied with.
6 According to the information and explanations given to us, the
company is not required for the maintenance of cost records which has
been prescribed by the Central Government under suo-section (l) of
Section 14B of the Companies Act, 2D13. Hence this deuse s not app
cable ta it.
7. a According to the records examined by us, the company =s regular m
depositing und'sputed statutory Uues with appropriate authorises
including Income Tax, Wealth Tax, Service Tax, Cess and any other
statutory dues applicable to it.
As informed to os provisions relating to Provident Fund, Employees
State Insurance, Sales Tax, Custom Duty, Value added Tax and Excise
Duty are not applicable to it.
Further there were no outstanding dues at. the year end for a period of
mure tian Six Months from the date they became payable.
h) According to the information and explanations given to as, no
disputed amount is pending before any forum of tie above mentioned
statutory dues.
c) According to the information and explanations given to us, the
company is not required to transfer any amount to the investor
education and protection fund in accordance with the relevant
provisions of Companies Act, and rules made thereunder has been
transferred to such fund within time.
8. The Company lias accumulated loss at the end of the tinarcigl year
which 15 not more than fifty percent of its net worth and it has not
incurred- net cash luss during the current financial year and in the
immediately preceding financial year.
9. Based on our audit procedures and as per the information and
explanations given by the management, the company has not defaulted in
repayment of dues to financial institutions or bank or debenture
holders.
10. According to the information and explanations given to us by the
management, the company has not given any guarantee for loans taken by
others from bank or financial institutions.
11 The Company has not obtained any term loans. Accordingly this clause
of tie Order Is not applicable.
12. Based upon audit procedures performed for the purposes of reporting
the true and fair view of the financial statements and as per the
information and explanation given by the management, we report that no
fraud on or by the company has been noticed or reported by the
management during the year under audit
For MAROTI & ASSOCIATES
Chartered Accountants
(KOMAL SURANA)
Partner
M, No, 303583
Place : Kolkata Firm Reg, No: 322770E
Date : 29th Day of May, 2015 |