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Has Lifestyle Ltd.

BSE: 780014 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE888Q01016
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Has Lifestyle Ltd. (HASLIFESTYLE) - Auditors Report

Company auditors report

To

The Members Of

Has Lifestyle Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Has Lifestyle Limitedwhich comprise the Balance Sheet as on March 31 2016 and the Statement of Profit andLoss for the year ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

2. The Company's board of Directors is responsible for the matters in section 134(5) ofthe Companies act 2013 with respect to the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the Accounting Principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Companies Act 2013read with rule 7 of the companies (Accounts) Rules 2014. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the asset of the company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are responsible and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the adequacy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditors Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing specifiedunder section 143(10) of the Companies Act 2013. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion / qualified audit opinion / adverse audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the financial 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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of Cash Flow Statement of the cash flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2015 issued by the Company LawBoard in term Section 143(11) of the Companies Act 2013 we give in the Annexure astatement on the matter specified in paragraphs 3 and 4 of the Order.

8. As required by section 143(3) of the Act we report that:

a. we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards under Section 133 of the Companies Act2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms Section 164(2) of theCompanies Act 2013.

FOR S.V.NIPHADKAR & CO.

CHARTERED ACCOUNTANTS

SUHAS NIPHADKAR

(PROPRIETOR)

M.N.41578

DATE: 30/05/2016

PLACE: MUMBAI

ANNEXURE TO THE AUDITORS REPORT

(Referred to in Paragraph 7 of the Auditors report of even date to the members of HasLifestyle Limited on the financial statement for the year ended 31st March2016.)

i) (a) The Company is maintaining proper records to show full particulars includingquantitative details and situation of Fixed Assets.

(b) The fixed assets of the company are physically verified by the management duringthe period. Nomaterial discrepancies were notified by the management on such verification.

ii) (a) The inventory of the Company is physically verified by the management atreasonable intervals.

(b) In our opinion and according to the information and explanation given to us theprocedure of verification of the inventory followed by the management is reasonable andadequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. In our opinion the recordsystem is adequate.

iii) The Company has not granted any loans secured or unsecured to companies firm orother parties covered in the registered maintained under section 189 of the Companies Act2015.

iv) There is an adequate internal control procedure commensurate with the size of theCompany and the nature of its business for the purchase of fixed assets raw material andsale of goods & services. There is no continuing failure to correct major weaknessesin internal control system.

v) The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed thereunder.

vi) According to information and explanation given to us the maintenance of cost recordhas not been prescribed by the Central Government under section 148(1) of the CompaniesAct 2013.

vii) (a) The company is generally regular in depositing undisputed statutory duesincluding provident fund employee's state insurance income tax sales tax and servicetax. The undisputed statutory dues as at the last day of the financial period concernedoutstanding for the period of more than six month from the date they became payable isNil.

(b) There is no dispute for payment of any statutory dues mentioned above.

(c) There is no requirement to transfer any amount to Investor Education and ProtectionFund.

viii) The Company's accumulated losses at the end of the financial year are not morethan fifty percent of its net worth and it has not incurred cash losses in such financialyear.

ix) The Company has not defaulted in repayment of dues on loan taken from bank.

x) The Company has not given any guarantee for loan taken by others from bank orfinancial institutions.

xi) The Company has applied the loan for the purpose for which it was taken.

xii) In our opinion and according to the information and explanations given to us nosignificant fraud on the Company has been notified or reported by the management duringthe period that ultimately causes the financial statement to be materially misstated.

FOR S.V.NIPHADKAR & CO.

CHARTERED ACCOUNTANTS

SUHAS NIPHADKAR

(PROPRIETOR)

M.N.41578

DATE: 30/05/2016

PLACE: MUMBAI