The Members of
DEVINE IMPEX LIMITED
1. Report on the Financial Statements
We have audited the accompanying financial statements of DEVINE IMPEX LIMITED ("the".Company") which comprise the Balance Sheet as at March 31 2015 the Profit and LossStatement the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.
2. Managements Responsibility for the Financial Statements
The Companys 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 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.
3. Auditors Responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
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 abtain audit evidence about the amounts milive disclosures 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 assessmentsthe auditor considers internal financial control relevant to the Companyspreparation 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 Companys 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 standalone 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 of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ' ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
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 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 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:
1) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements referred in Note No. 2.20 (a) to the financialstatements;
2) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.
3) No amount was required to be transferred to the Investor Education and ProtectionFund by the Company.
| ||FOR DATTA SINGLA & CO. |
| ||CHARTERED ACCOUNTANTS |
| ||FIRM REGN. NO. 006185N |
| ||Sd/- |
| ||(MOHIT CHAWLA) |
| ||PARTNER |
| ||M. NO. 504889 |
|Place: Chandigarh || |
|Dated: 28.05.2015 || |
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
Referred to in Paragraph 5 under the heading "Report on Other Legal and RegulatoryRequirements" as per our report of even date.
(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of Fixed Assets.
(b) As explained to us the fixed assets were physically verified during the year bythe Management in accordance with a regular programme of verification which in ouropinion provides for physical verification of all fixed assets at reasonable intervals.According to the information and explanations given to us no material discrepancies werenoticed on such verification.
(ii) (a) According to the information and explanations given to us the Company hasconducted physical verification of inventory at year ended 31st March 2015.
(b) In our opinion the procedures of physical verification of inventory followed bythe management are adequate in relation to the size of the company and the nature of itsbusiness
(c) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory. As explained to us the discrepanciesnoticed on physical verification between the physical stocks and the book records were notmaterial and have been properly dealt in the books of accounts.
(iii) According to the information and explanations given to us the Company has duringthe year not granted loans secured or unsecured to Companies Firms or other PartiesListed in the Register maintained under Section 189 of the Companies Act 2013.Accordingly the provisions of clause 3(iii)(a) & (b) of the Companies (AuditorReports) Order 2015 are not applicable to the company.
(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory and fixed assets and thesale of goods and services. During the course of our audit we have not observed any majorweakness in such internal control system. -
(v) According to the information and explanation given to us and the records of theCompany examined by us the company has not accepted any deposits from the public henceprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under are not attracted.
(vi) According to the information and explanations given to us by the Management theCentral Government has not prescribed maintenance of cost records under section 148(1) ofthe Companies Act 2013.
(vii) (a) According to the information and explanation given to us and the records ofthe Company examined by us the Company is generally regular in depositing the undisputedStatutory Dues including Provident Fund Employees State Insurance Income TaxSales Tax Wealth Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cessand no other material Statutory Dues were outstanding at the year end for a period of morethan six months from the date they became payable.
(b) According to the information and explanation given to us and records of the Companyexamined by us there are no dues of Income Tax Service Tax Wealth Tax Sales Tax Dutyof Customs and Duty of Excise/Cess which are outstanding as at 31st March 2015 andhave not been deposited on account of any dispute.
(c) No amount is required to be transferred to investor education and protection fundin accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made thereunder. '
(viii) The Company does not have accumulated losses as at 31st March 2015 and it hasnot incurred cash losses during the current financial year or in the immediately precedingfinancial year.
(ix) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in. repayment of dues to banksduring the year. Further the Company has not taken any loans from any FinancialInstitutions nor issued any debentures.
(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from Banks or Financial Institutions duringthe year.
(xi) The company has not availed of any term loan and hence there is no requirement forcompliance of term loans having been applied for the purposes for which they wereobtained.
(xii) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such cases by the Management.
| ||FOR DATTA SINGLA & CO. |
| ||CHARTERED ACCOUNTANTS |
|Place: Chandigarh ||FIRM REGN. NO. 006185N |
|Date: 28.05.2015 ||Sd/- |
| ||(MOHIT CHAWLA) |
| ||PARTNER |
| ||M. NO. 504889 |