ATHARV ENTERPRISES LIMITED
Report on the IndAS Financial Statements
We have audited the accompanying Ind AS financial statements of ATHARV ENTERPIRSESLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2017and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.
Management's Responsibility For the Financial Statements
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance cash flows and Changes In Equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS). This responsibility also includes the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS financial statements that give trueand fair view 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 Company'sDirectors as well as evaluating the overall presentation of the Ind AS financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the IndAS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the IND AS of the state ofaffairs of the Company as at March 31 2017 and its PROFIT (Financial performanceincluding other comprehensive income) its cash flows and changes in equity for the yearended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's report) order 2016 issued by the CompanyLaw Board in terms of Section 143 (11) of the Act. We annex hereto a statement"Annexure A" on the matters specified in the paragraphs 3 and 4 of the saidorder to the extent they are applicable in the company.
2. Further to our comments in theAnnexure referred to in paragraph 1 above:-
(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 appears from our examination of the books.
(c) The Balance Sheet profit and Loss Account and cash flow statement dealt with bythis report are in agreement with the books of account.
(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014
(e) On the basis of written representations received from the directors as on31.03.2017 taken on record by the Board of Directors we report that none of the directorsis disqualified as on March 31 2017 from being appointed as a Director in terms ofSection 164 (2) of theAct and;
(f) With respect to adequacy of internal financial controls over financial reporting ofthe company and the operating effectiveness of such controls refer to our separate reportin "Annexure B".
(g) With respect to the other matters included in the Auditor's Report and to the bestof our 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 derivatives contractsfor which there were any material foreseeable losses.
iii. The company is not liable for contribution to the Investor Education andProtection Fund.
iv. The company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.
| ||For and on behalf of |
| ||SANJAY VHANBATTE & CO. |
| ||Chartered Accountants |
| ||FRN: 112996 W |
|Place: Kolhapur || |
|Date:29.05.2017 ||Sanjay M. Vhanbatte |
| ||Proprietor |
| ||M.NO.044808 |
Annexure "B" to the Independent Auditors' Report on the Financial Statementsof
Atharv Enterprises Limited
(Referred to in paragraph 1 (f) under Report on Other Legal and RegulatoryRequirements' of our report of even date)
REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (i) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")
We have audited the internal financial controls over financial reporting of ATHARVENTERPRISES LIMITED ("the Company") as of March 31 2017 in conjunction withouraudit of the standalone Ind AS financial statements 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the CompaniesAct 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan 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 procedures 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 exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the IndAS 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 purposes 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 and paymentsof the company are being made only in accordance with authorizations of management anddirectors of the company; and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorised acquisition use or disposition of the company's assetsthat could have a material effect on the IndAS 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 financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
DISCLAIMER OF OPINION
According to the information and explanations given to us the company does not havedocumented framework of Internal financial control over financial reporting on criteriabased on or considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India. On an overall examination of accountingprocedure and financial reporting it is observed that the information system used by thecompany does not have sufficient checks and controls with regard to Internal financialcontrol over financial reporting. Because of this reason we are unable to obtainsufficient appropriate audit evidence to provide a basis for our opinion whether theCompany had adequate internal financial controls over financial reporting and whether suchinternal financial controls were operating effectively as at March 31 2017.
We have considered the disclaimer reported above in determining the nature timing andextent of audit tests applied in our audit of the Ind AS financial statements of theCompany and the disclaimer does not affect our opinion on the IndAS financial statementsof the Company.
| ||For Sanjay Vhanbatte & Co. |
| ||Chartered Accountants |
| ||FRN: 112996W |
|Place: Kolhapur ||S. M. VHANBATTE |
|Date: 29.05.2017 ||PROPRIETOR |
| ||M.No.044808 |
ATHARV ENTERPRISES LIMITED - ANNUAL ACCOUNTS - 2016 - 17
ANNEXURE "A" TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our Report of even date)
1. In respect of its fixed assets : a) The Company has maintained proper recordsshowing full p a r t i c u l a r s i n c l u d i n g quantitative details and situationof fixed assets.
b) As informed to us the fixed assets have been physically verified by the managementduring the year in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and nature of its assets.
No material discrepancies were noticed on such physical verification.
c) The title deeds of immovable properties are held in the name of the company
2. In respects of its inventories:
a) As explained to us inventories have been physically verified by the management atregular intervals during the year.
b) As explained to us there were no material discrepancies noticed on p h y s i c a lv e r i f i c a t i o n o f inventory as compared to the book records.
3. Loans Given By Company:
The Company has not granted any loans secured or unsecured to companies firmsLimited Liability parties covered in the Register maintained under section 189 of the Act.Accordingly the provisions of clause 3 (iii) (a) to (C) of the Order are not applicableto the Company and hence not commented upon.
4. Loans To Directors And Loans & Investments By Company:
In our opinion and according to the information and explanations given to us thecompany has not granted any loans made any investments provided any guarantees or givenany security attracting the provisions of section 185 and 186 of the CompaniesAct 2013.
5. Acceptance of Deposits:
The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable .
6. Maintenance Of Cost Record:
The company is not liable top maintain cost records.
7. In respect of statutory dues:
a) According to the records of the Company undisputed statutory dues including IncomeTax and Sales Tax have been generally regularly deposited with the appropriate authoritiesexcept for some delays in depositing the TDS. According to the information andexplanations given to us no undisputed amounts payable
|Sr. No. Liability Particulars ||Amount Involved ||Forum before which the dispute is pending |
|1 Income Tax Liability on Assessment for AY 2014-15 ||Rs.14700/- ||CPC Bangalore |
|2 Income Tax Liability on Assessment for AY 2013-14 ||Rs.184900/- ||ASSESSING OFFICER CIRCLE 2 KOLHAPUR |
b) The company is not liable to pay provident Fund Excise duty Service Tax EmployeesState Insurance Customs Duty and other Statutory dues.
c) Disputed Tax Liabilities :-
There were no disputed tax liabilities which were outstanding.
8. Default In Repayment Of Loan And Borrowing: In our opinion and according to theinformation and explanations given to us the Company has not defaulted in the repaymentof loans or borrowing dues to banks.
The Company has not taken any Loan either from financial i n s t i t u t i o n s o r fr o m t h e government and has not issued any debentures.
9. Application Of Funs Raised: Based upon the audit procedures performed and theinformation and explanations given by the management the company has not raised moneys byway of initial public offer or further public offer including debt instruments. The termsloans raised by the company have been applied for the purpose for which they have beenraised.
Based upon the audit procedures performed and the information and explanations given bythe management we report that no fraud by the Company or on the company by its officersor employees has been noticed or reported during the year.
11. Managerial Remuneration: Based upon the audit procedures performed and theinformation and explanations given by the management the managerial remuneration has beenpaid or provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.
12. Deposits Of Nidhi Company: In our opinion the Company is not a Nidhi Company.Therefore the provisions of clause 4 (xii) of t h e Order are not applicable to thecompany.
13. Related Party Transaction:
In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statement as required by the applicable accounting standards.
14. Issue Of Preference Shares Or Partly Convertible Debentures : Based upon the auditprocedure performed and the information and explanations given by the management thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.
Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.
15. Non-Cash Transactions With Directors: Based upon the audit procedures a n d t h e in f o r m a t i o n a n d explanations given by the management the company has notentered into any non-cash transactions with directors or persons connected with him.
Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany and hence not commented upon.
16. Registration With Reserve Bank Of India: In our opinion the company is required tobe registered under section 45 IA of the Reserve Bank of India Act 1934 but the companyhas not obtained such registration as on the date of this report.
|For Sanjay Vhanbatte& Co. |
| ||Chartered Accountants |
| ||FRN:112996W |
|Place: Kolhapur ||S. M. VHANBATTE |
|Date:29.05.2017 ||PROPRIETOR |
| ||M.No.044808 |
INDEPENDENT AUDITOR'S REPORT
To Board of Directors of
ATHARV ENTERPRISES LIMITED
We have audited the accompanying Statement Standalone financial results ( " t h es t a t e m e n t " ) o f AT H A RV ENTERPRISES LIMITED for the year ended31.03.2017 attached herewith being submitted by the company pursuant to the requirementof Regulation 33 of the SEBI (Listing O b l i g a t i o n s a n d D i s c l o s u r eRequirements) Regulations 2015. This financial statements which is the responsibility ofthe Company's management and approved by the Board of Directors has been prepared on thebasis of related financial statements which are in accordance with the Accounting Standardprescribed under Section 133 of the Companies Act 2103 as applicable and otheraccounting principles generally accepted in India Our responsibility is to express anopinion on the Statement.
We conducted our audit in accordance with the auditing standards generally accepted inIndia. Those Standards require that we comply with ethical requirements and we plan andperform the audit to obtain reasonable assurance that the Statement is free of materialmisstatement(s).
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the
Statement. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the Statement whether due to fraud orerror. In making those risk assessments the auditor considers internal control relevantto the Company's preparation and fair presentation of the statement in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Company's internal control. An audit Anaudit also includes evaluating appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the management as well as evaluatingthe overall presentation of the statement.
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 statement:
i. Is presented in accordance with the requirements of Regulation 33 of the SEBI(Listening Obligations and Disclosure Requirements) Regulations 2015 in this regard; and
ii. gives a true and fair view in conformity with the aforesaid Accounting Standardsand other accounting principles generally accepted in India of the net profit and otherfinancial information of the company for the year ended 31.03.2017.
ATHARV ENTERPRISES LIMITED -ANNUAL ACCOUNTS - 2016 - 17
The Statement includes the results for the Quarters ended March 31 2017 and March 31 2016 being the balancing figures between the audited figures in respect of the fullfinancial year and the audited year to date figures up to the third quarter of therelevant financial year.
|For and on behalf of |
|SANJAY VHANBATTE & CO. |
|Chartered Accountants |
|FRN: 112996 W |
|Place: Kolhapur S. M. VHANBATTE |
|Date:29.05.2017 PROPRIETOR |