TO THE MEMBERS OF AVANCE TECHNOLOGIES LTD
Report on the Financial Statements
We have audited the accompanying financial statement of Avance Technologies Limited("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys board of directors is responsible for the matter stated in section134(5) of the Companies Act 2013 ("Act") with respect to the preparation ofthese financial statements that give a true and fair view of financial position financialperformance and cash flows of the company in accordance with the Accounting Principlegenerally accepted in India including Accounting Standards Specified under section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.
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 design implementation and maintenance of adequate internalfinancial controls and ensuring their operating effectiveness and the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and 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 Accounts 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 theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentthe auditor considers internal control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theManagement as 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.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements gives the information required by the Act in themanner so required and give a true and fair view in conformity with the accordingprinciples generally accepted in India:
(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;
(ii) In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and
(iii) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure hereto a statement on the matters specified in paragraphs 3and 4 of the said order to the extent applicable.
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 account;
d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement Comply with the Accounting Standards specified in section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules2014;
e. On the basis of written representations received from the directors of the companyas on 31st March 2015 and taken on record by the Board of Directors none ofthe directors are disqualified as on 31st March 2015 from being appointed as adirector in terms of section 164(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) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.
(ii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|For Tejas Nadkarni & Associates || |
|Chartered Accountants || |
|Firm.Reg.No.135197W || |
|Sd/- || |
|(Tejas Nadkarni) || |
|Proprietor ||Place: Mumbai |
|M. No: 122993 ||Date: 28th May 2015 |