TO THE MEMBERS OF Cni RESEARCH LTD.
Report on the Financial Statements
We have audited the accompanying nancial statements of Cni RESEARCH LTD. ("theCompany") which comprise the Balance Sheet as at 31st March 2017 the Statement ofPro t and Loss the Cash Flow Statement for the year then ended and a summary of thesigni cant 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 preparation ofthese nancial statements that give a true and fair view of the nancial position nancialperformance and cash ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards speci ed under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal nancial controls that were operatinge ectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the nancial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these nancial 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 accordancewith the Standards on Auditing speci ed under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the nancial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the nancialstatements.
We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the nancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid nancial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of a airs of the Company as at 31stMarch 2017 and its profit and its cash ows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationgiven to us we give in "Annexure 1" a statement on the matters specified inparagraphs 3 & 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 Pro t and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d. In our opinion the aforesaid nancial statements comply with the AccountingStandards speci ed 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 31stMarch 2017 taken on record by the Board of Directors none of the directors is disqualied as on 31st March 2017 from being appointed as a director in terms of Section 164(2)of the Act. f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls wegive our separate Report in
"Annexure 2". g. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 25 to the financial statements.
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. iv. The Company has provided properdisclosures in its financial statements in respect of holdings as well as dealings inSpecified Bank Notes during the period from 08th Nov 2016 to 30th Dec 2016 and these arein accordance with the books of accounts maintained by the company.
| ||FOR N.K. JALAN & CO. |
| ||CHARTERED ACCOUNTANTS |
| ||FIRM NO. 104019W |
|PLACE: MUMBAI || |
|DATED: 18th May 2017 ||(N.K. JALAN) PROPRIETOR |
| ||Membership No.0 11878 |