TO THE MEMBERS OF EPSOM PROPERTIES LIMITED
We tape audited the accompanying standalone financial statements of EPSOM PROPERTIESLIMITED (the Company) which comprises the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and the Cash Row for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Management's 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 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) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuing the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have also 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 thereunder.
We conducted our audit in accordance with Standards on Auditing specified under Section143(10) of the Act. Those standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedure selected depend on theauditors judgment including the assessment of rules 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 Companys preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate financial controlssystem over financial repotting and the operatingeffectiveness of such controls. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of accounting estimates made by the Companys 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its loss and the cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 (theOrder) issued by Central Government of India in terms of sub-section (11) of Section143 of the Act we give in the Annexure a statement on the matters specified in paragraphs3 and 4 of the said order.
2. As required by Section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanations whichto the best ofour 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 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of written representations received from the Directors as on 31st March2015 taken on record by the Board of Directors none of the Directors is disqualified ason 31st March 2015 from being appointed as a Director in terms of Section 164(2) of theAct.
f) With respect to 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) There are no litigations pending against the Company and hence disclosure on theimpact of ' pending litigations on its financial position in its financial statements doesnot arise.
ii) The Company did not have any. long-term contracts including derivative contractsfor which there were any material foreseeable losses.
iii) The Company is not required to transfer any amount to the Investor Education andProtection Fund.
FRN No. 005179S
Membership No. 26131
Date : 15th July 2015
Anntxure I to the Independent Auditors Report
(Referred to in our report of even date)
(!) (a) The Company's Fixed Assets comprise of items of furniture & fixturescosting Rs. 2710/- - Considering the nature and value of such items the question ofphysical verification of the same does not arise.
(b) The Company has not disposed of a substantial part of the fixed assets during theYear.
(ii) According to the information and explanations furnished to us there are noinventories available with the Company. Accordingly the provisions of clause 3(ii) of theOrder is not applicable.
(iii) According to the information and explanations given to us the Company has notgranted any leans secured or unsecured to or from Companies firms or other partiescovered in the register required to be maintained under Section 189 of the Act.Accordingly paragraph 3(iii) of the Order is not applicable.
(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 inventories and fixed assets andwith regard to sale of goods and services. We have not observed any major weakness in theinternal control system during the course of the audit.
(V) The Company has not accepted any deposits from public in accordance with theprovisions of Section 73 to 76 of the Act and the rules framed thereunder.
(vi) The Central Government has not prescribed maintenance of cost records for any ofthe activities of the Company under Section 148(1) of the Act.
(vii) (a) According to the information and explanations given to us and on the basis ofour examination
of the records of fire Company the Company is regular in deputing with appropriateauthorities the undisputed statutory dues including Income Tax Sales Tax Wealth TaxService Tax Duty of Customs Duty of excise Value Added Tax Cess and any otherstatutory dues applicable to it.
(b) According to the information and explanations given to us there were no undisputedstatutory dues in arrears as at 31st March 2015 for a period of more than six months fromthe date they became payable.
(c) According to the information and explanations given to. us there are no dues onaccount of disputes.
(d) According to the information and explanations given to us no amount is required tobe transferred to Investor Education and Protection Fund.
(viil) The accumulated losses of the Company at the end of the financial year are morethan fifty percent of its net worth. The Company has incurred cash losses during thefinancial year and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted during the year in repayment of dues to its financialinstitution and bankers. The Company did not have any outstanding debentures during theyear..
(x) According to the information and explanation given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions.
(xi) The Company did not have any term loans outstanding during the year.
(xii) According to the information and explanation given to us no material fraud on orby the Company has been noticed or reported during the course of out audit.
For S VISHNU & CO
FRN No. 005179S
Membership No. 26131
Date : 15th July 2015