Aroma Enterprises (I) Limited
(Earlier known as Sirhind Enterprises Ltd)
Report on the Financial Statements
We have audited the accompanying financial statements of Aroma Enterprises (I) Limited(the Company) which compromise the Balance Sheet as at March 31 2014 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub - section (3C) ofsection 211 of the Companies Act 1956 ("the Act") read with the GeneralCircular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respectof Section 133 of the Companies Act 2013. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view are free frommaterial misstatement whether due to fraud or error.
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 issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 audit'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 auditorconsider internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management 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.
In our opinion and to the best of our information and according to the explanationsgiven 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:
a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;
b) In the case of the statement of Profit and Loss of the profits for the year endedon that date; and
c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")as amended issued by the Central Government of India in terms of sub - section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 & 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 accounts;
d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in sub - section (3C) ofsection 211 of the Companies Act 1956;
e. On the basis of written representations received from the directors as on March 312014 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) of sub -section (1) of section 274 of the Companies Act 1956.
For S. D. Motta & Associates.
Sanjay D Motta
Membership No. 107688
The Annexure referred to in paragraph 1 of the our Report of even date to the membersof Aroma Enterprises Limited on the accounts of the company for the year ended 31stMarch 2014.
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:
[i) [a) The Company did not have any fixed assets. Hence reporting requirementsrelated to maintaining records physical verification and disposal thereof are notapplicable.
[ii) [a) As explained to us the company did not have any inventories. Hence relatedclauses for the same are not applicable.
[iii) (a) As per the information and explanations given to us the Company has notgranted loans secured or unsecured to any companies firms or other parties covered inthe Register maintained under Section 301 of the Companies Act 1956. Hence the furtherrelevant clauses are not applicable.
As per the information and explanations given to us the Company has not taken loanssecured or unsecured from any companies firms or other parties covered in the Registermaintained under Section 301 of the Companies Act 1956 Terms and condition of the sameare not prejudicial to the interest of the Company. Amount outstanding during the year isRs. 11 60000/-.
(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the Company andthe nature of its business in respect of purchase and sale of securities on behalf ofclients and held as stock-in-trade purchase of fixed assets and services. The Company'sbusiness does not entail sale of goods as such. Further we have not come across nor havewe been informed of any instance of major weakness in the internal control procedures.
(v) (a) In our opinion and according to the information and explanations given to usthe particulars of contracts or arrangements referred to in Section 301 of the CompaniesAct 1956 have been entered in the Register maintained under that Section;
(b) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements entered in the registermaintained under Section 301 of the Companies Act 1956 have been made at prices which arereasonable having regard to the prevailing market prices at the relevant time.
(vi) According to the information and explanations given to us during the period underreview the Company has not accepted any deposits from the public under the meaning ofSection 58A and 58AA of The Companies Act 1956 and rules framed there under.
(vii) Although the Company does not have a formal internal audit system in ouropinion its internal control procedures involve reasonable internal checking of itsfinancial and business transaction.
(viii) Maintenance of cost records has not been prescribed by the Central Governmentunder clause (d) of subsection (1) of Section 209 of the Companies Act 1956 for the classof companies to which the Company belongs.
(ix) (a) According to the records of the Company the company is regular in depositingundisputed statutory dues including Provident Fund Investor Education and ProtectionFund Employees' Insurance Income Tax Sales-tax Customs Duty Cess and other statutorydues applicable to it with the appropriate authorities.
(b) According to the information an explanations given to us there are no undisputedstatutory dues payable which are outstanding as at 31st March 2014 for aperiod of more than six months from the date they became payable except TDS Payable of Rs.29500/-.
(c) The particulars of dues as at the year end with regard to said items which havenot been paid on account of disputes are as follows: Nil
(x) The company has no accumulated losses at the end of the Financial Year and it hasnot incurred any cash losses in the current and immediately preceding financial year.
(xi) As per the information and explanations given to us the Company has not defaultedin the repayment of dues to financial institutions banks or debenture holders during theperiod.
(xii) As per the information and explanations given to us the Company has not grantedany loan or advance on the basis of security by way of pledge of shares debentures andother securities.
(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutualbenefit fund/societies are not applicable to the Company.
(xiv) The Company is not dealing in securities. Hence clauses for proper recordsmaintenance are not applicable. All securities have been held by the Company in its ownname or are in the name of its nominees except to the extent of the exemption grantedunder Section 49 of the act.
(xv) As per the information given to us the Company has not taken any term loan orgiven any guarantee for loans taken by others from banks or financial institutions.
(xvi) Company does not have any outstanding term loan during the year under review.
(xvii) In our opinion and according to the information and explanations given to usthe Company has not used any funds raised on short term basis for long term investment.
(xviii) The Company has made any preferential allotment of shares to parties covered inthe register maintained under Section 301 of the Companies Act 1956.
(xix) The Company has not issued any debentures during the period under review.
(xx) The Company has not raised any money by public issue during the period underreview.
(xxi) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the period under review.
For S. D. Motta & Associates.
Sanjay D Motta
Membership No. 107688