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Hem Holdings & Trading Ltd.

BSE: 505520 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Hem Holdings & Trading Ltd. (HEMHOLDINGST) - Auditors Report

Company auditors report

To

The Members of

HEM HOLDINGS AND TRADING LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of HEM HOLDINGS AND TRADINGLIMITED ("the Company") which comprise the Balance Sheet as at March 312016 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("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 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("the Rules"). 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 other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation 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 dup to fraud or error.

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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s directors as well as evaluatingthe 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 yearended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Our opinion is not qualified / modified.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of Sub-section (11) of section 143 of the CompaniesAct 2013 we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. 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 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 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 Profit & Loss Account and Cash Flow Statementcomply with the Accounting Standards referred to in Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from all the directors as on March31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of section164(2) of the Companies Act 2013.

FOR AGRAWAL SHUKLA & CO.
CHARTERED ACCOUNTANTS
(PANKAJ JAIN)
PARTNER
PLACE: RAIPUR M.NO.40797
DATED: 27.05.2016 Firm Reg. No.326151E

ANNEXURE TO AUDITORS' REPORT ON THE ACCOUNTS FOR THE YEAR ENDED: 31st MARCH2016 in terms of The Companies (Auditor’s Report) Order 2015 (Referred to inParagraph 1 under the heading of "Report on Other Legal and RegulatoryRequirements" of our report of even date)

(i)

a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets of the Company have been physically verified by the managementduring the year and no material discrepancies have been noticed on such verification.

(ii) (a) (b) and (c)

These paragraphs relating to inventory are not applicable since the Company is notmaintaining any inventories.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013 and therefore no comments thereon.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the Company andnature of its business for the purchase of fixed assets and sale of service. During thecourse of our audit we have not observed any major weaknesses in internal control system.There is no purchase of inventory or sale of goods.

(v) According to the information and explanations given to us the Company has notaccepted any deposit from the public. Therefore the provisions of Clause (v) of paragraph3 of the CARO 2015 are not applicable to the Company.

(vi) In view of the nature of its business the Company is not required to maintaincost records under section 148(1) of the Companies Act 2013.

(vii)

a) According to the records of the Company the Company has been regular in depositingundisputed statutory dues including Income Tax and other material statutory dues with theappropriate authorities and no undisputed amounts payable in respect thereof wereoutstanding as at 31st Mar’16 for a period of more than six months fromthe date of becoming payable.

b) As informed to us Provident fund State Insurance Sales Tax (VAT) Service TaxCustom Duty Excise Duty and cess are not applicable to the Company.

c) According to the records of the Company there were no amounts that are due to betransferred to the Investor Education and-Protection Fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder.

(viii) The Company does not have any accumulated losses at the end of the financialyear. The Company has not incurred any cash losses during the financial year and in theimmediately preceding financial year.

(ix) That the Company is not indebted to Financial Institutions or Banks and there areno comments under this para.

(x) According to the information and explanations given to us the Company has notgiven guarantees for loans taken by others form banks or financial institutions.

(xi) According to the information and explanation? given to us the Company has notraised any term loans during the year.

(xii) In our opinion and according to the information and explanations given to us nofraud by the Company and no material fraud on the Company has been noticed or reportedduring the year.

FOR AGRAWAL SHUKLA & CO.
CHARTERED ACCOUNTANTS
(PANKAJ JAIN)
PARTNER
PLACE: RAIPUR M.NO.40797
DATED: 27.05.2016 Firm Reg. No.326151E