To the Members of DARSHAN ORNA PRIVATE LIMITED REPORT ON THE STANDALONEFINANCIAL STATEMENTS
We have audited the accompanying financial statements of DARSHAN ORNA PRIVATE LIMITED (<(theCompany>) which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE 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 preparationof these Standalone financial statements 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 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.
Our responsibility is to express an opinion on these Standalone financial statementsbased on our audit.
We have taken into acqount 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 i43(i?) ?f 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the afccounting estimates made by the Company's Directors as well asevaluating 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.
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:-
a) in the case of the Balance Sheet of the state of affairs of the Company as at 31March 2015;
b) in the case of the Statement of Profit and Loss of the profit for the yearended on that date;
c) in the case of the cash flow statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by The Companies (Auditors* Report) order 2015 (the"Order") issued by the Central Government of India in terms of section 143(11)of the Act we give in the Annexure a statement on the matters specified in paragraph 3and 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 Cash Flow Statement dealtwith 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 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 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 Auditor^ 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 does not have any long-term contracts including derivative contractsiii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.
FOR JIGNESH SATAPARA & Co.
Firm Registration No: 134178W
Membership No: 144725
05th September 2015
ANNEXURE TO INDEPENDENT AUDITORS REPORT
Referred to in our Audit Report of even date:
I. a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. As explained to us all the fixed assets have been physically verified by themanagement in a phased manner which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancies were noticed onsuch physical verification.
II. Physical verification of inventories is conducted by the management at reasonableintervals.
III The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained u/s 189 of the companies Act- 2013.Therefore clause (a) and (b) are not applicable to the company.
IV. In our opinion and according to the information and explanations given to us thereis an adequate internal control procedure commensurate with the size of the company andthe nature of its business for purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of our audit no major weaknesses have been noticedin the internal control system.
V. The Company has not accepted any deposits from the public within the meaning ofsection 73 & section 74 of the Act and the rules framed there under during the year.Therefore the clause (v) of the Companies (Auditor's Report) Order2015 is not applicableto the company.
VI. The Central Government has not prescribed maintenance of cost records under section148(1) of the Companies Act 2013.
VII. (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues applicable to it.
(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax? wealth tax services tax sales tax customduty excise duty and cess were in arrears as at 31 March 2015 for a period of more thansix months from the date they became payable.
(c) The company is not required to transfer any amount to investor education fundaccount in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956)and rules made there under
VIII. The company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses during the financial year covered by our audit and theimmediately preceding financial year.
IX. The Company has not taken any loan from financial institution or bank and has notissued any debentures. Therefore the clause (ix) of the Companies (Auditor^ Report)Order 2015 is not applicable to company.
X. On the basis of records examined by us and information provided by the managementwe are of the opinion that the company has not given any guarantee for loans taken byothers from banks or financial institutions.
XI. The Company has not taken any loan from financial institution or bank. Thereforethe clause (xi) of the Companies (Auditor's Report) Order 2015 is not applicable to thecompany.
XII. On the basis of records examined by us and information provided by the managementno material fraud on or by the company was noticed or reported during the year.