To the Members of
Maa Jagdambe Tradelinks Limited.
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Maa JagdambeTradelinks Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2015 and the Statement of Profit and Loss Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.
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 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. 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.
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 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 qualified audit opinion on the financial statements.
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 of the state of affairs of the Company as at March31 2015 and its Profit 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 the Central Government of India in terms of sub-section (11) ofSection 143 of the Act and on basis of such checks of books and records of the company aswe considered appropriate and according the information and explanations given to us wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.
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 the
Company so far as it appears from our examination of those books.
c. The Balance Sheet and the Statement of Profit and Loss dealt with by this Report arein 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 and 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.
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 has disclosed the impact of pending litigations on its financialposition in its financial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
iii. The provisions relating to transferring any amounts to the Investor Education andProtection
Fund is not applicable to the Company during the year.
| ||For Satya Prakash Natani & Co. |
| ||FRN: 115438W |
| ||Chartered Accountants |
| ||Satya Prakash Natani |
|Place: Mumbai ||Partner |
|Date: 30th May 2015 ||Membership No.: 048091 |
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph (1) of our Report of even date)
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us all the fixed assets have been physically verified by themanagement during the period and no material discrepancies were noticed on such physicalverification.
(ii) (a) As explained to us the physical verification of inventory has been conductedat reasonable intervals by the management during the year.
(b) In our opinion the procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the company and thenature of its business.
(iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (a)and iii (b) of the order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand nature of its business with regard to purchases of fixed assets and for the sale ofservices. Further on the basis of our examination of the books and records of theCompany and according to the information and explanations given to us we have neithercome across nor have been informed of any continuing failure to correct major weaknessesin the aforesaid internal control system.
(v) The Company has not accepted any deposits from the public within the meaning ofSection 73 and 74 of the Act and the rules framed there under to the extent notified.
(vi) As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Companies Act 2013.
(vii) (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty Cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2015 for a period of morethan six months from the date they became payable.
(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.
(c) The Company was not require to transfer any amount to Investor Education andProtection Fund in accordance with the Investor Education and Protection Fund inaccordance with the provisions of the Companies Act 1956 and rules made thereunder.
(viii) Though the accumulated loss at the end of the financial year exceeds fifty percent of the net worth of the Company the Company has neither incurred cash losses duringthe financial year covered by our audit nor in the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.
(x) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not given any guarantee for loanstaken by others from bank or financial institutions.
(xi) According to the information and explanation given to us the Company has notobtained any term loan during the year.
(xii) 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 noticed or reported during the year norhave we been informed of any such case by the Management.
| ||For Satya Prakash Natani & Co. |
| ||Firm Reg. No.: 115438W |
| ||Chartered Accountants |
| ||(Satya Prakash Natani) |
|Place: Mumbai ||Partner |
|Date: 30th May 2015 ||Membership No. : 048091 |