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Aaswa Trading and Exports Ltd.

BSE: 512038 Sector: Others
NSE: N.A. ISIN Code: INE887D01016
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Aaswa Trading and Exports Ltd. (AASWATRADEXP) - Auditors Report

Company auditors report

To the Members of Aaswa Trading and Exports Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Aaswa Trading and ExportsLtd. ('the Company) which comprise the Balance Sheet as at 31st March 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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 there under.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for

Opinion

8. 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 31stMarch 2016 and its losses and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin clauses 3 and 4 of Order.

10. 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 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 the Cash Flow Statementdealt with 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 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164(2) of the Act;

f. With respect to the adequacy of the internal financial controls over 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 as at March 312016 onits financial position in its financial statements - Refer Note 18 and 19 of the financialstatements.

ii. The Company did not have any long-term contracts including derivative contract forwhich there were any material foreseeable losses.

iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.

For Dhirubhal Shah & Doshi
Chartered Accountants
Harish B. Patel
Place: Ahmedabad Partner
Date: 27/05/2016 Membership Number: 01447
FRN No: 102511W

ANNEXURE - A TO INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 9 of the Independent Auditors' Report of the even date to themembers of Aaswa Trading and Exports Ltd. on the financial statements for the year ended31 March 2016 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 the fixed assets have been physically verified by themanagement at reasonable intervals. In our opinion the program of verification isreasonable having regard to the size of the company and the nature of its assets. We havebeen informed that no material discrepancies were noticed on such verification.

(c) As company does not have any immovable property as on Balance Sheet date thisclause is not applicable.

(ii) As explained to us the inventories have been physically verified during the yearby the management. In our opinion the frequency of verification is reasonable.Discrepancies noticed on physical verification of inventory as compared to book recordswere not material and the same have been properly dealt with in books of account.

(iii) According to information and explanations provided to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered in theregister maintained under section 189 of the Companies Act and therefore the provisionsof clauses (iii)(a) (iii)(b) & (iii)(c) of the Order are not applicable to theCompany.

(iv) In our opinion and according to the information and explanations provided to usthe Company has not granted any loan provided any guarantee or made any investment as perSection 185 and 186 of Companies Act 2013 hence this clause is not applicable.

(v) According to the information and explanations provided to us the Company has notaccepted any deposits from the public under section 73 to 76 or any other relevantprovisions of the Companies Act 2013 and rules framed there under where applicable. Noorder has been passed by Company Law Board or National Company Law Tribunal or ReserveBank of India or any court or any other tribunal.

(vi) According to the information and explanations provided to us the CentralGovernment has not prescribed for maintenance of cost records as required undersub-section (1) of Section 148 of the Companies Act 2013.

(vii) (a) According to the information and explanations provided to us the company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund employee's state insurance income tax sales tax wealth taxduty of custom service tax duty of excise value added tax cess and other materialstatutory dues applicable to it. According to the information and explanations given tous no undisputed amounts payable in respect of provident fund employee's stateinsurance income tax sales tax wealth tax duty of custom service tax duty of excisevalue added tax cess and other material statutory dues applicable to it were in arrears asat 31st March 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations provided to us there is no statutorydue which is disputed.

(viii) According to information and explanations provided to us the Company has notavailed any loan or borrowing from financial institution bank and debenture holders;hence clause 3(viii) of the Order is applicable to the Company.

(ix) As the Company has not availed any term loans during the year clause 3(ix) of theapplicable to the Company.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) As the Company has not paid any managerial remuneration to its Chairman andManaging Director during the year hence clause 3 (xi) of the Order is not applicable tothe Company.

(xii) In our opinion and according to the information and explanations provided to usthe Company is not a nidhi company. Accordingly clause 3(xii) of the Order is notapplicable to the Company.

(xiii) According to the information and explanations provided 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 and Companies Act 2013.

(xiv) As Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review the provision ofclause 3 (xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations provided 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 3(xv) ofthe Order is not applicable to the Company.

(xvi) According to the information and explanations provided to us the Company is notrequired to be registered under section 45-1A of the Reserve Bank of India Act 1934.

For Dhirubhai Shah & Doshi
Chartered Accountants
Harish B. Patel
Place: Ahmedabad Partner
Date: 27/05/2016 Membership Number: 014427
FRN No: 102511W