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Ambition Mica Ltd.

BSE: 539223 Sector: Others
NSE: N.A. ISIN Code: INE563S01011
BSE LIVE 14:29 | 05 Dec 58.00 -2.90
(-4.76%)
OPEN

60.00

HIGH

60.00

LOW

58.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 60.00
PREVIOUS CLOSE 60.90
VOLUME 12000
52-Week high 77.00
52-Week low 23.00
P/E 26.73
Mkt Cap.(Rs cr) 46.11
Buy Price 57.90
Buy Qty 3000.00
Sell Price 61.90
Sell Qty 3000.00
OPEN 60.00
CLOSE 60.90
VOLUME 12000
52-Week high 77.00
52-Week low 23.00
P/E 26.73
Mkt Cap.(Rs cr) 46.11
Buy Price 57.90
Buy Qty 3000.00
Sell Price 61.90
Sell Qty 3000.00

Ambition Mica Ltd. (AMBITIONMICA) - Auditors Report

Company auditors report

To

The Members of Ambition Mica Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Ambition Mica Limited("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and Cash flow statement for the year then endedand a summary of significant accounting policies and other explanatory information.

2. Management’s Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation 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. We have taken into account the provision of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provision of the Act and the Rules made there under.

4. 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 auditor'sjudgment 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 and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of company's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Director as well as evaluating the overall presentation ofthe financial statements.

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

6. 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 with the accountingprinciples generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

(ii) in the case of the Statement of Profit and Loss of the Profit for the year endedon that date and

(iii) in the case of the cash flow statement of the cash flows for the Year ended onthat date.

Report on Other Legal and Regulatory Requirements

7. 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 Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the order.

8. As required by section 143(3) of the Act we report that:

a. we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement are 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 Company's(Accounts) Rule 2014.

e. On the basis of written representations received from the Directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Act.

f. With respect to the adequacy of the internal controls over financial reporting ofthe company and the operating effectiveness of such controls refer to our separate reportin '"Annexure B"

Hitesh Gohel & Co.

Chartered Accountants

Hitesh R. Gohel

Proprietor

Membership No. 129427

Firm Reg. No. 129089W

Place: Ahmedabad

Date: 19th August 2016

ANNEXURE-A

Statement on the matters specified in the paragraph 3 and 4 of the Companies (Auditor'sReport)

Order 2016:

(i) (a) The Company has maintained proper records showing full particulars including

quantitative details and situation of fixed assets;

(b) According to information and explanation given to us the Fixed assets are verifiedby the management during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such verification.;

(c) As per information and explanation given to us all immovable assets of the companyare held in the name of company.

(ii) As per information and explanation given to us Physical verification of inventoryhas been conducted at reasonable intervals by the management and No material discrepancieswere noticed;

(iii) As per information and explanation given to us Company has not granted anyloans secured or unsecured to companies firms Limited Liability Partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013.

(iv) As per information and explanation given to us company has not given any loan orguarantees and has not provide any securities and has not invested in the securities ofbody corporate covered by section 185 and 186 of the Companies Act 2013.

(v) No deposits within the meaning of Sections 73 to 76 or any other relevant provisionof the Act and rules framed there under have been accepted by the Company.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed maintenance of cost records under sub-section (l) of section 148 of theCompanies Act for the products of the company.

(vii) (a) Company is regular in payment of Undisputed statutory dues includingincome-tax TDS sales-

tax service tax duty of excise values added tax or cess and any other statutory dueswith the appropriate authorities though there has been a slight delay in a Service Tax andTDS. Company has not paid Professional Tax for the month of January'16 to March'16.

(b) According to information and explanation given to us there is no dispute which isending during the year.

(viii) The company has not defaulted in repayment of dues to financial institution or abank.

(ix) The company has raised ' 10740000 by way of initial public offer. However Termloans raised were applied for the purposes for which they were raised.

(x) According to the information and explanation given to us no any fraud by thecompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.

(xi) According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V of the Companies Act.

(xii) Company is not a Nidhi Company so requirement to complied with the Net OwnedFunds to Deposits in the ratio of 1: 20 to meet out the liability and maintaining ten percent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out theliability is not applicable.

(xiii) As per information and explanation given to us All the transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 and thedetails have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards;

(xiv) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review;

(xv) As per information and explanation given to us the company has not entered intoany non-cash transactions with directors or persons connected with him;

(xvi) Company is not required to be registered under section 45-IA of the Reserve Bankof India Act 1934.

Hitesh Gohel & Co.

Chartered Accountants

Hitesh R. Gohel

Proprietor

Membership No. 129427

Firm Reg. No. 129089W

Place: Ahmedabad

Date: 19th August 2016

ANNEXURE-B

Report on the Internal Financial Control under Clause (i) of sub-section 3 of Section143 of the

Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AMBITIONMICA LIMITED ("the Company") as of 31st March 2016 inconjunction with our audit of the financial statement of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conduct our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the guidance Note require that we comply with ethicalrequirements and plans and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedure to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exist and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The procedureselected depends on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purpose in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorization ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over

financial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAuditing of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

Hitesh Gohel & Co.

Chartered Accountants

Hitesh R. Gohel

Proprietor

Membership No. 129427

Firm Reg. No. 129089W

Place: Ahmedabad

Date: August 19 2016

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