TO THE MEMBERS OF AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED Report on theStandalone Financial Statements
We have audited the accompanying standalone Financial statements of Authum Investment& Infrastructure Limited ("the Company")which comprise the Balance Sheet asat 31st March2015the Statement of Profit and Lossthe Cash Flow Statement for the yearendedand a summary of the significant accounting policies and other explanatoryinformation.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialpositionfinancial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in Indiaincluding the Accounting Standardsspecified under Section 133 of the Actread with Rule 7 of the Companies (Accounts)Rules2014.This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and designimplementation and maintenance of adequate internalfinancial controlsthat were operating effectively for ensuring the accuracy andcompleteness of the accounting recordsrelevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatementwhether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provisions of the Actthe accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
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 audii involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements.The procedures selected depend on theauditors judgmentincluding the assessment of the risks of materialmisstatement of the financial statementswhether due to fraud or error.In making thoserisk assessmentsthe auditor considers internal financial control relevant to theCompanys preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstancesbut not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols.An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the CompanysDirectorsas well 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 on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to usthe aforesaid standalone 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 Indiaof the state of affairs of the Companyas at 31st March2015and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Actwe give in the Annexure a statement on the matters specified in theparagraph 3 and 4 of the Orderto the extent applicable.
2. As required by Section 143 (3) of the Actwe report that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinionproper 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 and the Statement of Profit and Lossand the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
(d) In our opinionthe aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Actread with Rule 7 of theCompanies (Accounts) Rules2014
(c) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directorsnone of the directors isdisqualified as on 31st March2015 from being appointed as a director in terms of Section164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014in our opinionand to the best of our information and according to the explanations given to us:
i. The Company docs 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
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
Aunexure to the Independent Auditors Report
The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015we reportthat:
1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.
(b) As explained to usthe fixed assets have been physically verified by the managementin accordance with a phased programme of verificationwhich in our opinion isreasonableconsidering the size and the nature of its businessThe frequency ofverification is reasonable and no material discrepancies have been noticed oil suchphysical verification.
2. The inventories of Shares being held in electronic modeso this para of order is notapplicable.
3. The Company has not granted any loan during the year to companiesfirms or otherparties covered in the register maintained under section 189 of the Companies Act2013.Sothis para of order is not applicable.
4. In our opinionand according to the information and explanations given to usthereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventories and fixed assets and for the saleof shares & securities.Furtheron the basis of our examination of the books andrecords of the Companyand according to the information and explanation given to usnomajor weakness have been noticed or reported.
5. The Company has not accepted any deposits from the public.
6. As informed to usthe Central Government has not prescribed maintenance of costrecords under sub-section (I) of Section 148 of the Actin respect of the activitiescarried on by the Company.
7. a) The Company is regular in depositing undisputed statutory dues (including incometaxother statutory dues applicable to it) with appropriate authorities.
(b) According to the information and explanations given to usthere were no undisputedamounts payable in respect of Income-taxand other statutory dues in arrears wereoutstanding as at 31 March2015 for a period of more than six months from the date theybecame payable.
(c) There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund
8. The Company does not have the accumulated losses at the end of financial year.TheCompany has not incurred any Cash losses during the financial covered by our Audit and theimmediately preceding financial year.
9. According to the records of the Company examined by us and the information andexplanations given to usthe Company has not defaulted in repayment of dues to anyfinancial institutionbanks and debenture holders.
10. In our opinion and according to the information and the explanations given tousthe Company has not given any guarantee for loans taken by others from banks orfinancial institutions.
11. The Company has not obtained any term loan during the yearso this para of order isnot applicable
12. On the basis of our examination and according to the information and explanationsgiven to us.no fraudon or by the Companyhas been noticed or reported during the year.
| ||For SANGHAI & CO |
| ||Chartered Accountants |
| ||Firm Reg.No.319079E |
| ||Kamlesh Kumar Agarwal |
| ||Partner |
|Place: Kolkata ||Membership No.067461 |
|Date: 29/05/2015 || |