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Avon Mercantile Ltd.

BSE: 512265 Sector: Financials
NSE: N.A. ISIN Code: INE471D01019
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Avon Mercantile Ltd. (AVONMERCANTILE) - Auditors Report

Company auditors report

To

The Members of Avon Mercantile Limited Report on the Financial Statements

We have audited the accompanying financial statements of Avon Mercantile Limited(‘the Company’) which comprise the balance sheet as at 31 March 2015 thestatement of profit and loss and the cash flow statement for the year then ended and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 and matters 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell 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 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 at 31March 2015 its profits 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) with respect to the other matters to be included in the Auditor’s 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 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.

iii) there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

In terms of RBI Notification No. DFC 117/DG(SOT)-98 Dt. 02.01.1998 we give our reporton the matters specified in the said notification as under:

(i) APPLICATION FOR REGISTRATION UNDER SECTION 45 IA OF RBI ACT

The company has been duly allotted fresh certificate of registration no. 13-12.00443dated 11.09.2007 in lieu of registration No. 05.00319 dated 21.02.1998.

(ii) NBFC ACCEPTING PUBLIC DEPOSITS

The company has not accepted any deposit from the public; hence this clause is notapplicable.

(ii) NBFC NOT ACCEPTING PUBLIC DEPOSITS

The company has not accepted any deposit from public since beginning. It has passed afresh Board Resolution dated 28 April 2015 for not to accept any public deposit. Thecompany has complied with the prudential norms as prescribed by the RBI.

(iii) NBFC AS INVESTMENT CO. INVESTING 90% OF ITS ASSETS IN OTHER GROUP COMPANIES

The company has not invested 90% of its assets in-group companies; hence this clause isnot applicable.

Annexure referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date

The comments are in seriatim of the order

(i) (a) The company is maintaining proper records of its Fixed Assets showing fullparticulars including quantitative details and situation thereof.

(b) As informed the fixed assets were physically verified by the management atreasonable intervals. No discrepancy on such verification noticed by the management andreported to us.

(ii) The company does not have any inventory; as such there are no comments on subclauses a) b) and c).

(iii) As per the information and explanations given to us and certified by themanagement and verified from the books of account the company has not granted any loanssecured or unsecured to companies firms or other parties covered in the registermaintained in pursuance of Section 189 of the Companies Act 2013 as such there are nocomments on sub clauses a) and b).

(iv) The company has adequate internal control system in commensuration with its sizeand nature of its business for the purchase of fixed assets. We did not observe anyweakness in the internal control system.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Companies Act 2013for the products/services of the Company.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees’ state insurance fundincome-tax wealth-tax service tax customs duty excise duty value added tax cess andother material statutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance fund income-taxwealth-tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues were outstanding at the period end for a period of more than sixmonths from the date they became payable.

(b) According to information and explanations given to us there are no dues of incometax sales tax wealth tax service tax duty of customs duty of excise value added taxand cess which have not been deposited with the appropriate authorities on account of anydispute.

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

(viii) The Company has been in existence for more than five years. The company’saccumulated losses at the end of financial year are less than 50% of its net worth. Duringthe period company has earned cash profit of Rs. 32.27 Lacs as against Rs.42.57 Lacs inthe immediate preceding year.

(ix) The Company does not have any loan from Bank Financial Institutions or Debentureholders

and as such clause is not applicable.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xi) The Company did not have any term loans outstanding during the period.

(xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of audit.

For GUPTA GARG & AGRAWAL
CHARTERED ACCOUNTANTS
FRN 505762C
(B.B.GUPTA)
PARTNER M.
No. 012399
Place: New Delhi
Date: 30/05/2015

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