To the Members of
AADHAAR VENTURES INDIA LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Aadhaar Ventures IndiaLimited ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and the cash flow statement for the year ended anda 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 its profitfor the year ended on that date.
Report On Other Legal And Regulatory Requirements
1) As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure A a statement on the matters specified inparagraphs 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 bestof our knowledge and belief were necessary for the purposes of our audit;
b. In our opinion proper books of account as required by the law have been kept by theCompany so far as it appears from our examination of those books;
c. The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;
d. In our opinion the aforesaid financial statements comply with the AccountingStandards 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 March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;
f. With respect to the adequacy of internal financial controls over the financialreporting of the Company and the Operating effectiveness of such controls refer to ourseparate report in "Annexure-B" and
g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements
ii. The Company has no material foreseeable losses on long-term contracts includingderivative contracts as required under the applicable law or accounting standards
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund (IEPF) by the Company.
For D. P. AGARWAL & CO.
F R No.: 100068W
D. P. AGARWAL
M No.: 035500
Annexure A to the Auditor's Report
The annexure required under CARO 2016 referred to in our report to the members ofAadhaar Ventures India Limited ("the company") for the year ended March 312017. We report that:
i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us some of the fixed assets were physically verified during theyear by the Management as per programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.
(c) According to the information and explanation given to us and on the basis ofexamination of records of the Company No immovable properties are held by the Company.
ii) The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company.
iii) During the year the company has not granted any Loans secured or Unsecured toCompanies Firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act.
iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act2013 with respect to loans and investment made.
v) The company has not accepted any deposits from the public within the meaning ofsection 73 of the Act and the rules framed the under.
vi) As informed to us the Central Government has not prescribed maintenance of costrecords under subsection (1) of Section 148 of the Act in respect of the business of thecompany.
vii) a) According to information and explanations given to us and on the basis of ourexamination of the records of the company the company has been generally regular indepositing its undisputed statutory dues such as Provident Fund Employees' StateInsurance Income tax Wealth tax Service tax and any other material statutory dueswhichever is applicable to the company with the appropriate authorities during the year.According to the information and explanation given to us no undisputed amounts payable inrespect of income tax service tax and any other material statutory dues were in arrearsas at March 31 2016 for a period of more than six months from the date they becamepayable.
b) As at 31st March 2017 the following are the particulars of dues on account ofIncome-tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Value Added Taxand Cess matters that have not been deposited on account of dispute:
|Name of the Statute ||Nature of the dues ||Amount of dispute (Rs. in Lac) ||Period to which the amount relates ||Forum where pending |
|Income Tax Act 1961 ||Income Tax ||Rs. 1.04 Lacs ||A.Y. 2007-08 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 0.09 Lacs ||A.Y. 2008-09 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 3.60 Lacs ||A.Y. 2010-11 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 8.48 Lacs ||A.Y. 2011-12 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 9.21 Lacs ||A.Y. 2012-13 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 9.36 Lacs ||A.Y. 2013-14 ||Commissioner of Income-tax (Appeals) Mumbai |
|Income Tax Act 1961 ||Income Tax ||Rs. 42.33 Lacs ||A.Y. 2014-15 ||Commissioner of Income-tax (Appeals) Mumbai |
viii) According to the information and explanations given to us and based on therecords of the company examined by us the company does have any borrowing from anyfinancial institutions or bank and does not issue any debentures as at the balance sheetdate. Accordingly clause (viii) of paragraph 3 of the Order is not applicable.
ix) The company has generally applied the amount raised by it by way of term loansdebt instruments for the purpose for which those loans were obtained other than temporarydeployment pending application of those funds. The company did not raise money by way ofinitial public offer or further public offer during the year.
x) According to the information and explanation given to us no material fraud on or bycompany has been noticed or reported during the year.
xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided managerialremuneration. Accordingly clause (xi) of paragraph 3 of the Order is not applicable.
xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause (xii) of paragraph 3 of the Order isnot applicable.
xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.
xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) ofparagraph 3 of the Order is not applicable.
xvi) The Company is registered under section 45-IA of the Reserve Bank of India Act1934.
For D. P. AGARWAL & CO.
F R No.: 100068W
D. P. AGARWAL
M No.: 035500
Place : Surat