| We have audited the accompanying standalone financial statements of
SUMEDHA FISCAL SERVICES LIMITED ('the Company'), which comprise the
Balance Sheet as at 31st March 2015, the Statement of Profit and Loss
and 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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 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 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 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 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 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 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 standalone
financial statement
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 Flow 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 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 it appears from our examination of those
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) 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 31 March 2015, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Companies Act, 2013.
(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 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 foreseeable losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the SUMEDHA FISCAL SERVICES LIMITED on the standalone
financial statements for the year ended 31st March 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year, which, in our opinion, is reasonable having regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
2. a) Inventories of the Company have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper record of its inventories and no
discrepancies were noticed on physical verification.
3. a) According to the information and explanation given to us the
company has granted unsecured loan to its subsidiary company covered in
the register maintained under section 189 of the Companies' Act, 2013.
b) In respect of aforesaid unsecured loan, receipt of interest is
regular and the principal amount is repayable on demand.
c) There are no overdue amount of more than Rupees one lakh in respect
of the loans granted to its Subsidiary company.
4. In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of Company and the nature of its business for the
purchase of inventory of shares and securities and fixed assets and for
the sale of shares, services and property. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system.
5. The company has not accepted any deposits from the public within
the meaning of Section 73 to 76 or any other relevant provisions of the
Act and the rules framed there under.
6. The provisions of the Companies Act for maintenance of cost records
under Section 148(1) are not applicable to the company.
7. (a) According to the information and explanations given to us and the
books and records examined by us, the company is regular in depositing
with the appropriate authorities the undisputed statutory dues relating
to Provident Fund, Employees State Insurance, Income tax, Sales Tax,
Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added
Tax, Cess and other statutory dues as applicable to it have been
regularly deposited during the year by the Company with the appropriate
authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income tax, Service Tax, Cess
and other material statutory dues were in arrears as at 31 March 2015
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, service tax, sales tax, wealth-tax, custom
duty, excise duty and cess which have not been deposited on account of
any dispute, except as under
(c) According to the information and explanations given to us the
amounts which were required 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 there under has been
transferred to such fund within time.
Name of the statute Nature Amount Period to which the
pending of dues (Rs. ) amount relates
Income-tax Act,1961 Income Tax 1,15,615 AY 2008-09
Name of the statute Forum where
pending dispute is pending
Income-tax Act,1961 Commissioner of
Income Tax (Appeals)
8. The Company has no accumulated losses as at 31st March 2015 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to financial
institution, bank or to debenture holders.
10. 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.
11. In our opinion and according to the information and explanation
given to us, the Company has applied the term loans for the purpose for
which the loans have been obtained.
12. According to the information and explanations given by the
management to us, we report that no fraud on or by the company has been
noticed or reported during the course of our audit.
For ARSK & Associates
Chartered Accountants
Firm's Registration No. 315082E
CA. Ravindra Khandelwal
Place : Kolkata Partner
Date: 16th May, 2015 Membership No. 054615
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