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Art Nirman Ltd.

BSE: 538384 Sector: Infrastructure
NSE: ARTNIRMAN ISIN Code: INE738V01013
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Art Nirman Ltd. (ARTNIRMAN) - Auditors Report

Company auditors report

To Members

Art Nirman Private Limited.

Report on standalone financial Statement: -

We have audited the accompanying standalone financial statements of ART NIRMAN PRIVATELIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2015the Statement of Profit and Lossthe Cash Flow Statement for the year ended March 31 2015and a summary of the significant accounting policies and other explanatory information forthe year ended as on 31stMarch 2015.

Management's Responsibility for the Standalone Financial Statements

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 Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting recordsinaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriateaccounting policies; making judgments and estimates that are reasonable andprudent; and designimplementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's' 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 andmatters 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 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 andthe 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 control 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.

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

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 of the state of affairs of the Company as on 31stMarch 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("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 statement on the matters specified in the paragraph 3and 4 of the Order to the extentapplicable.

2. 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 ofourknowledge 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with the

Accounting Standards specified under Section 133 of the Act read with Rule 7 oftheCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the present directors ason31stMarch 2015taken on record by the Board of Directors none of thedirectors is disqualified as on 31stMarch 2015 from being appointed as adirector in terms of Section 164 (2) of the Act.

(f) The company is having adequate internal financial control system and same isoperating effectively.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best ofour 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 material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Dhiren Shah & Co
Chartered Accountants
JFRN NO.-114633W

 

Place: Ahmedabad
Date: 05.09.2015

 

Karan Shah)
Partner
Mem. No. -: 138211

Annexure to Independent Auditors' Report

Referred to in paragraph 7 of the Independent Auditors' Report of even date to themembers of ART NIRMAN

PRIVATE LIMITED on the financial statements as of and for the year ended March 312015.

i. (a)The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management at reasonable intervalsno material discrepancies have been noticed on such verification.

(c) In our opinion and according to the information and explanations given to us asubstantial part of fixed assets has not been disposed of by the Company during the year.

ii. In respect of its inventories:

(a) The management has conducted physical verification of inventory at reasonableintervals.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification by the management.

iii. (a) The company has not granted any loan whether secured or unsecured tocompanies firms or other parties covered in the register maintained u/s. 189 of thecompanies Act 2013. Accordingly paragraph 4 (iii) of the order is not applicable to thecompany.

iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services is not applicable to the company.

v. The Central Government of India has not prescribed any rules for the maintenance ofcost records under section 148(1) of the Companies Act for any products of the company.

Annexure to Independent Auditors' Report

Referred to in paragraph 7 of the Independent Auditors' Report of even date to themembers of ART NIRMAN PRIVATE LIMITED on the financial statements as of and for the yearended March 31 2015.

vi. (a) According to the information and explanation given to us and the records of the

company examined by us in our opinion the company is regular in depositing undisputedstatutory dues of service tax professional tax and income tax and there is no otherunpaid demand or accrued liability of any other statutory dues.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income-tax wealth-tax sales tax custom duty excise duty and cesswere in arrears for a period more than 6 months from the date they became payable.

(c ) According to the information and explanations given to us there is no amount whichare requiredto be transferred to the investor education and Protection fund in accordancewith the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules there under.

vii. The Company has no accumulated losses as at the end of the financial year and ithas incurred no cash losses during the financial year under report.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders as at the balance sheet date.

ix. According to the information and explanations given to us the Company has availedthe term loan from the banks and Financial Institutions during the year.

x. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year.

xi. 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

Annexure to Independent Auditors' Report

Referred to in paragraph 7 of the Independent Auditors' Report of even date to themembers of ART NIRMAN PRIVATE LIMITED on the financial statements as of and for the yearended March 312015.

come across anyinstance of material fraud on or by the Company noticed or reportedduring the year nor have we been informed of any such case by the Management.

ForDhiren shah & Co.
Chartered Accountants
Firm Reaistration/Number: 114633W

 

AlKaran Shah)
Partner
Membership Number: 138211

 

Place: Ahmedabad
Date: 05.09.2015