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Acme Resources Ltd.

BSE: 539391 Sector: Financials
NSE: N.A. ISIN Code: INE636B01011
BSE LIVE 14:13 | 02 Dec 19.65 0.75
(3.97%)
OPEN

19.70

HIGH

19.70

LOW

19.65

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.70
PREVIOUS CLOSE 18.90
VOLUME 4
52-Week high 21.00
52-Week low 15.00
P/E 65.50
Mkt Cap.(Rs cr) 50.58
Buy Price 0.00
Buy Qty 0.00
Sell Price 19.65
Sell Qty 98.00
OPEN 19.70
CLOSE 18.90
VOLUME 4
52-Week high 21.00
52-Week low 15.00
P/E 65.50
Mkt Cap.(Rs cr) 50.58
Buy Price 0.00
Buy Qty 0.00
Sell Price 19.65
Sell Qty 98.00

Acme Resources Ltd. (ACMERESOURCES) - Auditors Report

Company auditors report

To the Members of Acme Resources Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of ACME RESOURCES LIMITED("theCompany") which comprise the Balance Sheet as at 31st March 2015 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

2. 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 accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and applicationofappropriate accounting Policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completenessof theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

3. Auditor’s Responsibility

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 obtainreasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessments;the auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall 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.

4.Opinion

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 withthe accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

1.As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure 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 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 the written representations received from thedirectors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 financial position ofthe company in Note No. 28 of Notes on Accounts; ii. The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses; iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For T. R. Chadha & Co.
Chartered Accountants
Firm’s Registration Number 006711N
Place of Signature: New Delhi
Date: 27thMay 2015 sd/-
Neena Goel
(Partner)
Membership Number 057986

ANNEXURE REFERRED TO IN PARAGRAPH 5 (1) OF OUR REPORT OF EVEN DATE

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1) (a) The Company has maintained proper records showingfull particularsincludingquantitative details and situation of fixed assets.

(b) All the fixed assets have been physically verifiedby the management during theyear which in our opinion is considered reasonable having regard to the size of thecompany and the nature of its assets and no material discrepancy was noticed on suchverification as compared to book records.

2) (a)Physicalverification of inventory has been conducted at reasonable intervals bythe management.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and thenature of itsbusiness.

(c) The company has maintained proper records of inventory. No material discrepancieshave been noticed on the verification between physical stock and book record."

3) The company has granted loans to companies firmsor other parties listed in theregister maintained under Section 189 of the CompaniesAct and

(a) The company has received the principal amount and interest on regular basis.

(b) If overdue amount is more than rupees one lakh the company has taken reasonablesteps for recovery of the principal and interest.

4) In our opinion and according to the information and explanation given to us thereis generally an adequate internal control system commensurate with the size of the companyand the nature of its business for the purchase and sale of services and fixed assets.During the course of our audit no major instance of continuing failure to correct majorweaknesses in internal controls has been noticed.

5) According to the information and explanations given to us the company has notaccepted any deposit from the public within the meaning of Section 73 to 76 or any otherrelevant provisions of the Companies Act and rules framed thereunder.

6) As explained to us the Central Government has not prescribed the maintenance ofcost records under sub-section (1) of section 148 of the Companies Act 2013 for any forits product & services.

7) In respect of statutory dues

a) The company has been regular in depositing undisputed statutory dues includingprovident fund income-tax sales tax wealth tax duty of customs service tax cess andany other material statutory dues with the appropriate authorities. There are nooutstanding statutory dues as at 31st March 2015 for a period of more than six monthsfrom the date they became payable. We are informed that there is no liability towardsEmployees’ State Insurance and duty of Excise for the year under audit. b) Accordingto the records of the company there are no disputed dues of sales tax income tax dutyof customs wealth tax service tax and cess which have not been deposited on account ofany dispute. c) According to the information and explanation given to us no amount isrequired to be transferred to Investor Education and Protection Fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there under.

8) The Company has incurred cash profit during the financial year covered by our auditand in the immediately preceding financial year and has no accumulated losses at the endof the financial year which is less than fifty percent of its net worth.

9) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to bank.

10) According to the explanation & information given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

11)According to information and explanations given to us the company has obtained termloan from bank/ financial institution during the year and the same were applied for thepurposes for which the loans were obtained.

12)During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have not come across anyinstance of fraud on or by the company.

For T. R. Chadha & Co.
Chartered Accountants
Firm’s Registration Number 006711N
Place of Signature: New Delhi
Date: 27thMay 2015 sd/-
Neena Goel
(Partner)
Membership Number 057986

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