SAR AUTO PRODUCTS LIMITED
Report on the Financial Statements
I have audited the accompanying financial statements of SAR AUTO PRODUCTS LIMITED("the Company") which comprises the Balance Sheet as at 31st March2017 the Statement of Profit and Loss and Cash Flow Statement for the year ended on thatdate 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 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 includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;design 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.
My responsibility is to express an opinion on these financial statements based on myaudit.
I 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.
I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I 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 theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control 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 but not for the purpose of expressing an opinionon whether the Company has in place an internal financial controls system over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements
I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.
In my opinion and to the best of my information and according to the explanations givento me the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India: (a) in the case of the Balance Sheet of the state of affairsof the Company as at 31st March 2017; (b) in the case of the Statement ofProfit and Loss of the profit for the year ended on that date; and (c) in the case of theCash Flow 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 (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act I give in the "Annexure A" the statement on the mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act I further report that:
A. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.
B. In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my 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 accounts;
D. In my opinion the aforesaid financial statements comply with the AccountingStandards referred to in Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2016.
E. On the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director undersub-section (2) of Section 164 of the Act.
F. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"
G. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule
11 of the Companies (Audit and Auditors) Rules 2017 in my opinion and to the best ofmy information and according to the explanations given to me: I. The Company does not haveany pending litigations which would impact its financial position. II. The Company did nothave any long-term contracts including derivative contracts for which there requirescommenting on any material foreseeable losses. III. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.IV. The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the company.
| ||For Arun M. Kothari |
| ||Chartered Accountant |
| ||Arun M. Kothari |
| ||Proprietor |
|Ahmedabad 28th April 2017 ||(Membership No.108669) |