To the Members of HAZOOR MULTI PROJECS LIMITED
We have audited the accompanying financial statements of HAZOOR MULTI PROJECTSLIMITED (the company) which comprise the Balance Sheet as at 31stMarch 2016 the Profit and Loss statement the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters state 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 flows of the Company in accordance with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and others irregularities;selection and applications of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementations and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
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 there under.
We conducted our audit in accordance with the Standards on Auditing specified under thesections 143 (10) of the Act. Those Standards requires that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 systems over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the companysdirectors as well 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; a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2016; b) In the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) In the case of the CashFlows Statement of 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 2016 ("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.
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 purpose 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 examinations of those books.
c. the Balance Sheet the Profit and Loss statement and Cash Flow Statement dealt withby 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 March31 2016 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 of Sections 164 (2) ofthe Act.
f. With respect to the other matters to be included in the Auditors Report inaccordance with Rules 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us
i) The Company has disclosed the impact if any of pending litigations as at 31 March2016 on its financial position in its financial statements.
ii) The Company did not have any long-term contracts including derivative contracts asat 31 March 2016.
iii) There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.
For G. R. MODI & CO.
Firm Registration No.112617W
G. R. MODI
Date: 16th May 2016
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE OF THE MEMBERS OF HAZOORMULTI PROJECTS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED ON 31STMARCH 2016.
Report on the internal financial controls under clause (i) of sub-section 3 of section143 of the Act
1. We have audited the internal financial controls over financial reporting of HazoorMulti Projects Ltd (the Company) as of 31 March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.
Managements responsibility for internal financial controls
2. The Companys Management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Companys policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.
3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the Guidance Note) and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controlssystem over financial reporting.
Meaning of internal financial controls over financial reporting
6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent limitations of internal financial controls over financial reporting
7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
For G. R. MODI & CO.
Firm Registration No.112617W
G. R. MODI
Date: 16th May 2016
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE OF THE MEMBERS OF HAZOORMULTI PROJECTS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED ON 31STMARCH 2016.
Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking in to consideration theinformation an explanation given to us and the books of account and other records examinedby us in the normal course of audit we report that;
1) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.
(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion reasonable having regardto size of the company and nature of its assets. No materials discrepancies were noticedon such verifications.
2) (a) As explained to us that the inventory has been physically verified during theyear by the management. In our opinion the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the company and the nature of itsbusiness.
(c) In our opinion and according to the information and explanations given to us thecompany has maintained proper records of its inventories and no materials discrepancieswere noticed on physical verifications.
3) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013.
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. During the course of our audit we have not observed any major weaknessin such internal control system.
5) In our opinion and according to the information and explanations given to us thecompany has not accepted deposits from the public during the year. Therefore theprovisions of clauses 3 (v) of the order are not applicable to the company.
6) According to the information and explanations given to us in our opinion thecompany does not fall under the category of manufacturing company therefore theprovisions of clauses 3 (vi) of the order are not applicable to the company.
7) According to the information and explanations given to us in respect of statutorydues.
(a) The undisputed statutory dues have been regularly deposited with appropriateauthorities. And we are informed that no amount were outstanding as at 31stMarch 2016 towards undisputed statutory dues in respects of income tax sales-taxwealth-tax customs duty excise duty cess for a period of more than six months from thedate they become payable.
(b) The Company does not have any disputed statutory dues that have not been depositedon account of matters pending before appropriate authorities.
(c) We are informed that no amounts is required to be transferred by the InvestorEducation and Protection Fund in accordance with relevant provisions of the Companies Act1956 (1 of 1956) and rules made there under.
8) In our opinion there were no accumulated losses of the company at the end of thefinancial year and it has not incurred cash losses in the current year and in theimmediately preceding financial year.
9) In our opinion and according to the information and explanations given to us thecompany has not defaulted in the repayment of dues to the financial institutions andbanks.
10) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from banks or financial institution.
11) In our opinion and according to the information and explanations given to us thecompany has not taken term loans during the year.
12) According to the information and explanations given to us no fraud by the companyand no material fraud on the company has been noticed or reported during the year.
For G. R. MODI & CO.
Firm Registration No.112617W
G. R. MODI
Date: 16th May 2016