Auditors' Report to the Members of AURO LABORATORIES LIMITED
1. Report on the Financial Statements
We have audited the attached financial statements ofAURO LABORATORIES LIMITED("the Company") which comprises the Balance Sheet as at 31st March2017 the statement of Profit and Loss Account and the Cash Flow statement for the yearthen ended and a summary of significant other explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Director is responsible for the matter stated in section 134(5)of the companies act 2013(the Act") with respect to the preparation and presentationof these standalone financial statement 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 Accounting Standards specifiedunder section 133 of the Act read with rule 7 of the Companies ( Accounts) responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
3. Auditor's 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 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 of material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risk of material misstatement of the financialstatements whether due to fraud or error.
In making those risk assessments the auditor considers the internal control relevantto the Company's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe 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 aforesaid subject to the Notes regarding Doubtful loans andadvances of ` 749633/- resulting to overstatement of profit amounting to`749633/- for the year the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:
a) In the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2017.
b) In the case of the Profit & Loss Account of the "Profit" for the yearended on that date.
c) In the case of the Cash Flow Statement of the Cash Flow for the year ended on thatdate.
5. Report on other legal and Regulatory Requirements
1. As required by the companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub 11 of section 143 of the Act wegive in the annexure A a statement on the matters specified in paragraphs 4 and 5 of theorder.
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 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 kept by the companyso far as appears from ours 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 accounts.
d) In our opinion the Balance Sheet the Statement of Profit and Loss and the Cash Flowstatement comply with the accounting standards referred to in section 133 of the Act readwith rule 7 of the Companies (Accounts) Rule 2014.
e) On the basis of the written representations received from the directors ason March 31 2017 taken on record by the Board of director None of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of section164 (2) of the Act
f) With respect to the other matter to be included in the auditor's report inaccordance with rule 11 of the companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanation given to us:
i. The company has disclosed the impact of pending litigations as at 31stMarch 2017 on its financial position in its financial statements.
ii. The company is not required to transfer any amount to the investor education andprotection fund.
iii. The Company did not have any long term contracts including derivates contracts forwhich there were any material foreseeable losses; and
g) With respect to the adequacy of the internal financial control over financialreporting of the company and the operating of the company and the operating effectivenessof such control refer to our separate report in Annexure B.
For KOTHARI JAIN & ASSOCIATES
FIRM REGN. NO. 113041 W
[SUNIL KUMAR KOTHARI]
Date: 30th MAY 2017