TO THE MEMBERS OF HASTI FINANCE LIMITED
Report on the Financial Statements :
We have audited the accompanying financial statements of M/s HASTI FINANCE LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2015 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flow of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Auditors Responsibility :
Our responsibility is to express an opinion on these financial 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 thereunder.
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 obtain audit evidence about the amounts andthe 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 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 of the state of affairs of the Company as at31st March 2015 and its Profit and its 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 ( the "Order")issued by the Central Government in terms of Section 143 (11) of the Act we give in theannexure a statement on the matters specified in paragraph 3 & 4 of the 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 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 :
i. The Company does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor
Education and Protection Fund by the Company
For Sandeep Rathi & Associates
Firm Registration No.113728 W
Membership No. 047377
Date: May 30 2015
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph 1of the Independent Auditors Report of even date to themembers of HASTI FINANCE LIMITED on the financial statements for the year ended31st March 2015.
1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management according to theregular programme of periodic verification in a phased manner which in our opinion isreasonable having regard to the size of the company and nature of fixed assets. Thediscrepancies noticed on such physical verification were not material and provided for inthe books of accounts of the company.
c) During the year the company has not disposed off any substantial part of fixedassets.
2) The company is not carrying any stock of finished goods Stores parts & Rawmaterial
3) a) The company has granted loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013during the year.
|No. of Parties ||Amount involved ||Balance as on 31.3.2015 |
| ||( Rs. In Lacs) ||(Rs. In Lacs) |
|Two ||220.24 ||220.24 |
b) There is no amount overdue for more than rupees one lakh.
4) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. Further on the basis of our examination of the books and records ofthe Company and according to the information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.
5) The company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.
6) The Central Government of India has not specified the maintenance of cost recordsunder subsection (1) of Section 148 of the Act for any of the products of the Company.
7) (a) According to the information and explanation given to us except for SelfAssessment Tax for A.Y. 2012-13 of Rs. 5375902/- and TDS payable Rs. 58176/- there areno undisputed amounts payable in respect of Income Tax Sales Tax Wealth Tax CustomDuty Service Tax Investor Education and Protection Fund Excise Duty Cess and any otherstatutory dues as at 31st March 2015 for a period of more than six months from the date ofbecoming payable
(b) There are no amount required to be transferred by the Company to the InvestorEducation and Protection Fund in accordance with the provision of the Companies Act 1956and the rules made thereunder.
8) The company has no accumulated losses at the end of the financial year and it hasincurred cash losses in the financial year ended on that date and has not incurred cashlosses in the immediately preceding financial year.
9) As the Company does not have any borrowing from any financial institution or banknor has it issued any debentures as at the Balance Sheet date the provision of Clause3(ix) of the Order are not applicable to the company.
10) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year. Accordingly the provisions of Clause 3(x) of the Order arenot applicable to the company.
11) The company has not raised any term loans. Accordingly the provisions of Clause 3(xi) of the Order are not applicable to the Company.
12) 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 material fraud on or by the Company notice or reported during the year norhave we been informed of any such case by the Management.
For Sandeep Rathi & Associates
Firm Registration No.113728 W
Membership No. 047377