TO THE MEMBERS OF
MACRO INTERNATIONAL LTD.
(Formerly known as Macro (International)Exports Ltd.)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Macro International Ltd.(Formerly known as Macro (International)Exports Ltd.) ("the Company") whichcomprise the Balance Sheet as at March 312015 the Statement of Profit and Loss the CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor the ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.
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 at 31 stMarch 2015
b) in the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and
c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure a statement on the matters specified inparagraphs 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 examination of those books.
c. The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith 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 written representations received from the Directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.
f. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) 2014 in our opinion and tothe best of our information and according to the explanations given to us;
The Company does not have any litigation with any authority or any body else.
i. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and
ii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.
| ||For Chaudhary Pandiya & co. |
| ||Chartered Accountants |
| ||FRN 001903C |
|Place: Kanpur ||(A. K. Pandiya) |
|Dated: 30-05-2015 ||Partner |
| ||M.No. 070747 |
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
The annexure referred to in our independent Auditor'S Report to the members of the
Company on the standalone financial statements for the year ended 31st march2015 wereport that:
1. In Respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.
(b) As explained to us all fixed assets have been physically verified by the managementin a phased periodical manner which in our opinion is reasonable having regard to thesize of the company and the nature of its assets. No material discrepancies were noticedon such verification.
2. In Respect of its inventories:
As per the books of account and according to the information and explanation given tous by the Management there is no inventory in the company as no commercial activity wasbeing carried out during the year therefore reporting in sub clause (a) (b) (c) of clause2 of the order is not applicable.
3. (a) According to the information and explanations given to us the Company hasgranted
Unsecured loan to One other party u/s 189 of the Companies Act2013.
(b) In our opinion and according to the information and explanations given to us thepartly is regular in payment of principal and interest according to the terms andconditions of the loan given.
(c) In our opinion and according to the information and explanations given to us thereare nooverdues on account of loan granted by the company.
4. In our opinion and according to the information and explanations given to us thereare 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 no major weakness has been noticed inthe internal control system.
5. In our opinion and according to information and explanation given to us the Companyhas not accepted any deposits from the public.
6. Since the company has not done any production or processing during the year thus theprovisions of Section 148 (1) of the Act is not applicable.
7. In Respect Of Statutory Dues:
(a) According to the records of the company and information & explanation given tous the Company is regular in depositing undisputed statutory dues including ProvidentFund Investor Education and Protection Fund Employees State Insurance Income-TaxSales-Tax Wealth-Tax Custom Duty Excise Duty Service Tax VAT and Cess and otherstatutory dues applicable to it with the appropriate authorities.
According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Income Tax Wealth Tax Sales Tax VAT CustomsDuty Excise Duty Service Tax and Cess were outstanding at the year end for a period ofmore than six months from the date they became payable.
(b) According to the records of the Company and information and explanation given tous there are no material dues outstanding of sales Tax Income Tax Custom Duty WealthTax Excise Duty Cess and Service Tax as applicable which have not been deposited onaccount of any dispute.
(C) According to the record of the company and information and explanation provided tous there is no amount to be transferred in the Investor Education & Protection fundduring the year in accordance with the relevant provisions of the Companies Act 1956.
8. The company does not have accumulated losses at the end of the financial year. TheCompany has not incurred cash losses in the current year covered by the audit and in theimmediately preceding financial year.
9. Based on our audit procedures and on the information and explanations given by themanagement the Company does not have any borrowings from financial institutions banks orbyway of debentures.
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 bank or financialinstitutions.
11. The Company has not taken any term loans during the year.
12. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.
| ||For Chaudhary Pandiya & Co. |
| ||Chartered Accountants |
| ||FRN 001903C |
|Place: Kanpur || |
|Dated: 30-05-2015 ||(A. K. Pandiya) |
| ||Partner |
| ||Membership No. 70747 |