To the Members of Amani Trading and Exports Limited
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements of AMANI TRADINGAND EXPORTS LIMITED ('the Company') which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash Flow Statement for the year theended and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India/ including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
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 and rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued byInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
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 theauditor considers 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 the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained" is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
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 2015 and its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the 'the Companies (Audit Report) Order 2015' issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (herein afterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the 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 purpose 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 How 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 2015 and 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 termsof Section 164(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 knowledge and belief and according to the information andexplanations given to us:
i. The company has disclosed the impact of pending litigations as at March 31 2015 onits financial position in its financial statements - Refer Note 19 to the financialstatements.
ii. The company has made provisions as at March 31 2015 as required under theapplicable law or accounting standards for material foreseeable losses if any onlongterm contracts including derivative contracts.
iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.
|ForDhirubhai Shah & Doshi |
|Chartered Accountants |
|Firm's RegistrationNumber:l02511W |
|Harish B. Patel |
|Membership Number:014427 |
|Place: Ahmedabad |
|Date: 30.05.2015 |
ANNEXURE TO THE AUDITOR'S REPORT
Referred to paragraph 9 of the Independent Auditor's Report of even date to the membersof Amani Trading and Exports Limited on the financial statements as of and for the yearended 31st March 2015
1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) AH fixed assets have been physically verified by the management at reasonableintervals. In our opinion the program of verification is reasonable having regard to thesize of the company and the nature of its assets. We have been informed that no materialdiscrepancies were noticed on such verification.
2. (a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable
(b) In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business.
(c) In our opinion the company is maintaining proper records of inventory. As informedto us no discrepancies were noticed on verification between the physical stocks and bookrecords.
3. As per explanation given to us the company has not granted any loan to a companycovered in the register maintained under section 189 of the Companies Act 2013 henceclause 3 (a) and (b) is not applicable.
4. In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchases of inventory fixed assets and with regardto the sale of goods. During the course of our audit we have not observed any continuingfailure to correct major weakness in internal controls.
5. In our opinion and according to the information and explanations given to us thecompany has not accepted any fixed deposits from the public within the meaning of Section73 and 74 of the Act and the rules framed thereunder. Further no order has been passed bythe Company Law Board.
6. According to the information and explanations given to us the Central Governmenthas not prescribed for maintenance of cost records as required under sub-section (1) ofSection 148 of the Companies Act 2013.
7. (a) According to the information and explanations given 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 2015 for a period of more than six months from the date theybecame payable.
(b) According to the information and explanations given to us there is no statutorydue which is disputed
(c) As there is no amount required to be transferred to Investor Education andProtection Fund during the year this clause is not applicable.
8. As the company has not any accumulated losses so this clause is not applicable tothe company. The company has not incurred cash losses during financial year covered by theaudit and also in the immediate preceding year.
9. According to the information and explanations given to us the company has notavailed any loan from financial institutions banks and debenture holders; hence thisclause is not applicable.
10. As per the information and explanations given to us the company has not givenguarantees for loans taken by others from Bank or Financial Institutions
11. As informed to us the company has not received any money by way of term loans;hence the question of its application does not arise.
12. According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.
|For DHIRUBHAI SHAH & DOSHI. || |
|Chartered Accountants. || |
|Firm Registration No. 102511W || |
|Harish B.Patel || |
|Partner. ||Place: Ahmedabad |
|Membership No.14427 ||Date: 30.05.2015 |