ON THE STANDALONE FINANCIAL STATEMENTS OF SANGAM (INDIA) LIMITED
To the Members of
M/S. SANGAM _INDIA_ LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of M/s. Sangam(India) Limited (the Company') which comprise the balance sheet as at 31stMarch 2017 the statement of profit and loss and the cash flow statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.
MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (?he Act_) with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including 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 of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the standalone financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India:
(a) In the case of the Balance Sheet of the state of affairs of theCompany as at 31st March 2017;
(b) in the case of the Statement of Profit and Loss of the profit forthe year; and
(c) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order 2016 (?he Order_) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the ?nnexure A_ a statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent applicable.
2. As required by Section 143 (3) of the Act we report that:
(a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
(b) in our opinion proper books of account as required by law have beenkept by the Company 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
(e) on the basis of the written representations received from thedirectors as on 31st March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2017 from being appointed as a director interms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in ?nnexure B_; and
(g) with respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements Refer Note 35.
ii. The Company does not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in its standalonefinancial statements as to holdings as well as dealings in Specified Bank Notes during theperiod 8th November 2016 to 30th December 2016 and these are in accordance with thebooks of account maintained by the Company - Refer Note 15.
|For R. Kabra & Co. ||For B L Chordia & Co. |
|Chartered Accountants ||Chartered Accountants |
|(Firm Registration No.104502W) ||(Firm Registration No.000294C) |
|(R L Kabra) ||(B L Chordia) |
|Partner ||Partner |
|Membership No. 016216 ||Membership No. 010882 |
|Camp : Bhilwara ||Place : Bhilwara |
|Date: 30th May 2017 ||Date: 30th May 2017 |