To the Members of SATYA MINERS & TRANSPORTERS LIMITED
Report on the Financial Statements for the F.Y. 2014-15
We have audited the accompanying financial statements of Satya Miners &Transporters Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2015 and the Statement of Profit and Loss for the year then ended and Cash FlowStatement 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 preparationand presentation of these Financial Statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 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 the 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 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 control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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 audit 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 at March31 2015; and
b) in the case of the Profit and Loss Account of the profit for the year ended onMarch 31 2015;
c) In the case of the Cash Flow Statement for the year ended 31st March 2015.
EMPHASIS OF MATTERS
We draw attention to the following matters in the Notes to the financial statements:
a) As certified by the management and relied upon by us in the matter that no lawsuitsfiled against the company. b) That the Company has accumulated losses at the end of thefinancial year however its net worth has not been eroded. However theCompanys current liabilities do not exceed its current assets as at the balancesheet date.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
As required by Companies (Auditors Report) Order 2015 ('the order') issued by CentralGovernment of India in terms of subsection (11) of section 143 of the Act we enclose inthe annexure a statement on the matters specified in paragraphs 3 & 4 of the saidorder to the extent applicable.
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 purpose 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 Standalone Balance Sheet Standalone Statement of Profit and Loss and StandaloneStatement of Cash Flow dealt with by this Report are in agreement with the books ofaccount.
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 the directors as on 31stMarch 2015 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.
f) 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:
1. The Company does not have any pending litigations which would impact its financialposition.
2. The Company do not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
3. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For S.R.AGARWALA & ASSOCIATES |
| ||Chartered Accountants |
| ||FRN No.:- 309065E |
|Place: Kolkata || |
|Dated: 30/05/2015 ||Sd/- |
| ||(S.R.AGARWALA) |
| ||Mem. No: - 015986 |
The Annexure referred to in paragraph of the Our Report of even date to the members ofSatya Miners & Transporters Limited on the accounts of the company for the year ended31st March 2015.
1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) All the fixed assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and thenature of its business. As informed no material discrepancies were notices on suchverification.
2. The company had not any inventory during the year hence this clause is notapplicable to it.
3. The company has not granted any secured/unsecured loans to parties covered in theRegister maintained under section 189 of the companies Act. Accordingly this clause is notapplicable.
4. In our opinion and according to the information and explanations given to us therein an adequate internal control system commensurate with the size of the company and thenature of its business.
Further on the basis of our examinations and according to the information andexplanations given to us we have neither come across not have we been informed of anyinstance of major weakness in the aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our opinion andaccording to the information and explanations given to us the directives issued by theReserve Bank of India and the provisions of Section 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under to the extent applicablehave been complied with.
6. According to the information and explanations given to us the company is notrequired for the maintenance of cost records which has been prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013. Hence thisclause is not applicable to it.
7. a) According to the records examined by us the company is regular in depositingundisputed statutory dues with appropriate authorities including Income Tax Wealth TaxService Tax Cess and any other Statutory dues applicable to it.
As informed to us provisions relating to Provident Fund Employees State InsuranceSales Tax Custom Duty Value Added Tax and Excise Duty are not applicable to it.
Further there were no outstanding dues at the yearend for a period of more than SixMonths from the date they become payable.
b) According to the information and explanations given to us no disputed amount ispending before any forum of the above mentioned statutory dues.
c) According to the information and explanation given to us the company is notrequired to transfer any amount to the investor education protection fund in accordancewith the relevant provisions of the Companies Act and rules made there under has beentransferred to such fund within time.
8. The Company has accumulated loss at the end of the financial year which is not morethan fifty percent of its net worth and it has not incurred cash loss during the currentfinancial year and in the immediately preceding financial year.
9. Based on our audit procedures and as per the information and explanations given bythe management the company has not defaulted in repayment of dues to financialinstitution or bank or debenture holders.
10. According to the information and explanations given to us by the management thecompany has not given any guarantee for loans taken by others from bank or financialinstitution.
11. The Company has not obtained any term loans. Accordingly this clause of the Orderis not applicable.
12. Based upon audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanation given bythe management we report that no fraud on or by the company has been noticed or reportedby the management during the year under audit.
| ||For S.R.AGARWALA & ASSOCIATES |
| ||Chartered Accountants |
| ||FRN No: - 309065E |
|Place: Kolkata || |
|Dated: 30/05/2015 || |
| ||Sd/- |
| ||(S.R.AGARWALA) |
| ||Mem No: - 015986 |