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Aris International Ltd.

BSE: 531677 Sector: Auto
NSE: N.A. ISIN Code: INE588E01026
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Aris International Ltd. (ARISINTERNA) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To

The Members of Aris International Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Aris International Limited("the Company") which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information which we have signedunder reference to this report.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 ("the Act") read with the General Circular No. 15/2013dated September 13 2013 of the Ministry of Corporate Affairs in respect of Section 133 ofthe Companies Act 2013. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing and otherapplicable authoritative pronouncements issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare 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 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 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 the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India: in the case of the Balance Sheet ofthe state of affairs of the Company as at March 31 2014; in the case of the Statement ofProfit and Loss of the loss for the year ended on that date; and in the case of the CashFlow Statement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2003’ as amendedby the ‘the Companies (Auditor’s Report) (Amendment) Order 2004’("the Order") issued by the Central Government of India in terms of sub-section(4A) of section 227 of the Act and on the basis of such checks of the books and recordsof the Company as we considered appropriate and according to the information andexplanation given to us we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by section 227(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 account 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 dealt withby this Report are in agreement with the books of account;

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the accounting standards notified under the Act read with theGeneral Circular No. 15/2013 dated September 13 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013

e. On the basis of written representations received from the directors as on March 312013 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Act.

For K M TAPURIAH & CO
Firm Registration No 314043E
(Chartered Accountants)
Sd/-
NAVEEN MOHTA
Place: Mumbai (Partner)
Date: 30.05.2014 Membership No: 048111

Annexure to Independent Auditors' Report

Referred to in paragraph 7 of the Independent Auditors’ Report of even date to themembers of Aris International Limited on the financial statements for the year ended March31 2014

i. As the company does not have any fixed assets the clause 4(i) of the Order is notapplicable to the company.

ii. As the company does not have any inventory the clause 4(ii) of the Order is notapplicable to the company.

iii. (a) As informed the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 301 ofthe Act.

Accordingly the provisions stated in paragraph 4 (iii)(b)(c) and (d) of the order arenot applicable.

(b) The company has taken unsecured loans from companies firms or other partiescovered in the register maintained under section 301 of the Act. The number of suchparties were 5 (five) and the maximum amount involved in the transactions was Rs13855508/- and the year end balance of loans taken from such parties was Rs12015508/-. The rate of interest and other terms and conditions of such loan taken bythe company are prima facie not prejudicial to the interest of the company.

iv. In our opinion and according to the information and explanations given to us thereexists an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory fixed assets and withregard to the sale of goods and services. During the course of our audit we have notobserved any continuing failure to correct weakness in internal control system of thecompany.

v. According to the information and explanations given to us by the management thetransactions that need to be entered into the register u/s 301 of the Companies Act 1956have been so entered.

vi. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public within the meaning of Sections 58Aand 58AA of the Act and the rules framed there under.

vii. In our opinion the Company does not have an internal audit system commensuratewith the size and nature of its business.

viii. The company is not required to maintain cost records u/s 209 (1) (d) of theCompanies Act 1956. ix. (a) According to the information and explanation given to us andas per records produced before us for verification the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund investor education and protection fund employees’ state insurance income-taxsales-tax wealth-tax service tax customs duty excise duty cess and other materialstatutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed dues inrespect of provident fund investor education and protection fund employees’ stateinsurance income-tax wealth-tax service tax sales-tax customs duty excise duty cessand other statutory dues which were outstanding as at 31.03.2014 for a period of morethan six months from the date they became payable.

(c) According to the information and explanation given to us and verification of therecords produced there no disputed statutory dues outstanding as on March 31 2014.

x. The accumulated losses of the company at the end of the financial year are more than50% of its net worth. The company has incurred cash losses in the current and immediatelypreceding financial year.

xi. In our opinion the company has not defaulted in repayment of loan from bank orfinancial institutions.

xii. According to the information and explanations given to us and based on thedocuments and records produced to us the company has not granted loans & advances onthe basis of security by way of pledge of shares debentures and other securities.

xiii. In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund /society.

Therefore the provisions of clause (xiii) of paragraph 4 of the Companies(Auditor’s Report) Order 2003 (as amended) are not applicable to the Company.

xiv. According to the information and explanation given to us the Company is notdealing in or trading in shares securities debentures and other investments.Accordingly the provisions of clause (xiv) of paragraph 4 of the Companies(Auditor’s Report) Order 2003 (as amended) are not applicable to the Company.

xv. As per information and explanations given to us the company has not given anyguarantees for loans taken by others from banks or financial institutions during the year.

xvi. The company has not raised any term loans during the year.

xvii. According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term investment. xviii. According to theinformation and explanations given to us the company has not made preferential allotmentof shares to parties and companies covered in the register maintained under section 301 ofthe Act. xix. According to the information and explanations given to us no debentureshave been issued by the company during the year.

xx. The Company has not raised money by way of public issue during the year.

xxi. 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 neither come across anyinstance of fraud on or by the company noticed or reported during the year nor have webeen informed of such case by the management.

For K M TAPURIAH & CO
Firm Registration No 314043E
(Chartered Accountants)
Sd/-
NAVEEN MOHTA
Place: Mumbai (Partner)
Date: 30.05.2014 Membership No: 048111

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