TO THE MEMBERS OF ALORA TRADING COMPANY LIMITED
1. REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of ALORA TRADING COMPANYLIMITED which comprise the Balance Sheet as at 31st March 2016 the Statementof Profit and Loss for the year then ended and a summary of significant accountingpolicies and other explanatory information.
2. MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Companys 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 of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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.
3. AUDITORS 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation and fair presentation of the financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances butnot 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 ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationgiven to us the financial statements give the information required by the Act in themanner 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 profit for the year ended on that date.
5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. This report includes a statement on the matters specified in paragraph 3 and 4of the Companies (Auditors Report) Order 2016(the order) issued by theCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 since in our opinion and according to the explanation given to us the said Orderis applicable to the company.
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 dealt with by this Report arein 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 the directors as on 31stMarch 2016 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 terms of Section164 (2) of the Act.
(f ) With respect to the other matters to be included in the Auditors 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 does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long term contracts including derivative contracts forwhich there were any foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection
Fund by the company.
For Chaitik Salot & Associates (Chartered Accountants)
CA Chaitik Salot (Proprietor)
Membership No: 163193
Date: 30th May 2016
To The members of ALORA TRADING COMPANY LIMITED
Companies (Auditor's Report ) Order 2016 for the year ended 31st March2016
|SR. NO. ||COMMENT REQUIRED ON ||AUDITOR'S OPINION ON FOLLOWING REQUIRED ||REMARKS BY AUDITORS |
|(I) ||FIXED ASSETS ||(A) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets ||YES |
| || ||(B) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; ||YES |
| || ||(C') whether the title deeds of immovable properties are held in the name of the company. If not provide the details thereof whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so whether they have been properly dealt with in the books of account; ||YES |
|(II) ||INVENTORY || ||The nature of business is such that there are no Inventories |
|(III) ||LOANS SECURED OR UNSECURED GRANTED ||Whether the company has granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013. If so ||Yes |
| || ||(A) whether the terms and conditions of the grant of such loans are not prejudicial to the companys interest; ||NO |
| || ||(B) whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; ||Yes |
| || ||(C') if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest; in respect of loans investments guarantees and security whether provisions of section 185 and 186 of the Companies Act 2013 have been complied with. If not provide the details thereof. ||N.A. |
|(IV) ||Internal Control ||The Company has an adequate internal control system commensurate with its size and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. ||The Company has adequate Internal control system. |
| || ||During the course of our audit we have not observed any continuing failure to correct major weaknesses in such internal control system. || |
|(V) ||PUBLIC DEPOSITS ||In case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder where applicable have been complied with? If not the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? ||The Company has not accepted any Public Deposits during the year |
|(VI) ||COST ACCOUNTING RECORDS ||Whether maintenance of cost records has been specified by the Central Government under sub- section (1) of section 148 of the Companies Act 2013 and whether such accounts and records have been so made and maintained. ||Not Applicable |
|(VII) ||STATUTORY COMPLIANCE ||(a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues to the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated; ||The Company has paid all the Statutory Dues |
| || ||(b) where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute). ||N.A. |
|(VIII) ||LOAN FROM BANKS/ FINANCIAL INSTITUTION ||Whether the company has defaulted in repayment of loans or borrowing to a financial institution bank Government or dues to debenture holders? If yes the period and the amount of default to be reported (in case of defaults to banks financial institutions and Government lender wise details to be provided). ||The loans have been fully repaid on time |
|(IX) ||APPLICATION OF MONEY RECEIVED FROM EQUITY OR LOAN ||Whether moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans were applied for the purposes for which those are raised. If not the details together with delays or default and subsequent rectification if any as may be applicable be reported; ||Yes |
|(X) ||FRAUD REPORTING ||Whether any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated; ||No fraud was detected during the course of Audit |
|(XI) ||MANAGERIAL REMUNERATION ||Whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act? If not state the amount involved and steps taken by the company for securing refund of the same; ||YES |
|(XII) ||NIDHI COMPANY - COMPLIANCE WITH DEPOSITS ||whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liability; ||Not Applicable |
|(XIII) ||RELATED PARTY TRANSACTIONS ||whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards; ||There are no related party transactions |
|(XIV) ||ISSUE OF SHARE CAPITAL AND USE OF AMOUNT RAISED ||whether the company has made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of section 42 of the Companies Act 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised. If not provide the details in respect of the amount involved and nature of non- compliance; ||No new issue was made during the year |
|(XV) ||TRANSACTION WITH DIRECTOR ||whether the company has entered into any non- cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act 2013 have been complied with; ||No |
|(XVI) ||REGISTERATION FROM RBI ||Whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. ||Not Applicable |
For Chaitik Salot & Associates
CA Chaitik Salot (Proprietor) Membership No. : 163193
Place: Mumbai Date: 30th May 2016